The downturn in the chip industry started in the summer months, as crypto crashes caused blockchain miners to flood the market with previously hard-to-find graphics cards. Almost overnight, demand eased up and caused graphics hardware prices to drop by almost half. Nvidia’s CEO Jensen Huang admitted in August that the company made too many graphics cards that now it has to sell them for less money. But Nvidia isn’t alone in this mess.

Just last year, the only story about chips was that manufacturers couldn’t make enough of them to meet the strong demand for consumer electronics, cars, and other products that require semiconductors. But even as shortages continue for certain types of semiconductors, the story is becoming more nuanced, especially for giants like Samsung and AMD, who were flying high on revenues and profits in 2021 and into 2022.

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