Research summary

The chip shortage will increasingly be about demand

January 04, 2022

How we got here
Looking ahead, demand will be key
An end to inventory hoarding by OEMs could lead to a sharp downturn in demand
A bar chart shows the percentage of survey respondents who reported that their companies were building chip inventory, depleting chip inventory, or experiencing no change in chip inventory. The survey was conducted four times—in December 2020, March 2021, June 2021, and September 2021. For every survey period, the percentage of respondents in the “building inventory” category was equal to or higher than “depleting inventory” or “no change.”
Our credit outlook for semiconductor manufacturers and industrial OEMs
The graphic show that that Vanguard’s active Fixed Income Group manages $336.9 billion in taxable bonds and $228.0 billion in municipal bonds. The active management team includes more than 30 portfolio managers, more than 30 traders, and more than 110 dedicated team members.
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