Interesting. Some complete speculation about what you were mixed up in… Demand in first half 2018 was super hot, and depleted inventories. Wholesalers and reta

Interesting. Some complete speculation about what you were mixed up in… Demand in first half 2018 was super hot, and depleted inventories. Wholesalers and retailers built up inventories of finished goods in anticipation of The Greatest Christmas Ever. Manufacturers did not, and kept inventories thin. But demand fell off a cliff in the back half of 2018, and the The Greatest Christmas Ever was a dud. 2019 saw canceled orders and capacity shutting down quickly in the first half of the year. By the holiday season 2019, I was driving around the ports of LA and Long Beach seeing containers stacked high in warehouse lots, and overflowing car lots, some with 2018 model year cars. Anyway, 1-10m puts you in a weird pocket when things were moving so fast like that. In 2018, you are too big to fill the order, because bigger players are sucking all the air out of the room. In 2019, you are too small for them to turn capacity back on for. I’ve been following this stuff since the 1980s, and 2018-now is the weirdest semi market ever, with two sharp upcycles and a sharp downcycle sandwiched in between, all in the space of 4 years.