Earlier quoted context omitted.
Well if I take a look at the GPU market the prices have nearly doubled over the past 6 months and there still isn’t any supply. In other words, the price hiked to a point where people will otherwise say “I’ll just wait longer”, and this is what’s happening.
That is always what happens when prices go up. The whole point is to reduce the number of buyers who want the product at that price so that there is enough supply to fill the remaining demand. That is how a supply and demand curve works.
With fuel, you can reduce your car usage for a while and when prices get back down you can just go back to your old level of fuel consumption. But with microchips, a reduction in "consumption" results in pent-up demand; people who have been waiting a while to buy a new GPU still want to buy that GPU when the prices go down.