My understanding is too much demand in a short period of time. Demand outruns supply. Factories can pump as much chips as they can. Overall there is huge demand

My understanding is too much demand in a short period of time. Demand outruns supply. Factories can pump as much chips as they can. Overall there is huge demand for electronics, cars and all other stuff that's using chips. Lockdowns contributed to this because majority of demand shifted from equilibrium(balance of goods and services) to goods and no services or very little services. Or another version of the story is people were saving money in order to buy goods when lockdowns were over.