I can’t download the pdf but PCs are 15% of global semiconductor demand and the second largest electronics end market (after smartphones). After a decade of sta

I can’t download the pdf but PCs are 15% of global semiconductor demand and the second largest electronics end market (after smartphones). After a decade of stagnant growth, PC sales are are now 40% above pre-pandemic levels. The semiconductor industry does not operate with a lot of slack, and this sort of step-change demand in a single large end market sucks up a lot of that slack capacity by itself. Then of course you have elevated demand and improved mix of overall goods, strong corporate investment cycle, low inventories entering the pandemic, and delayed semiconductor capacity investments from the trade war / inventory downcycle in early 2019 through to late 2020…