The coronavirus pandemic left makers of personal computers, smartphones, and cars without the computer chips needed to make their products.That suddenly changed during a period of three weeks from late May to June.High inflation, China's latest COVID restrictions and the war in Ukraine have reduced consumer spending -- especially on computers and smartphones.Chip shortages turned into a surplus in some industries.By late June, memory chip company Micron Technology Inc. said it would reduce production.The sudden change in the market caught Micron by surprise, said Chief Business Officer Sumit Sadana.Worries about an industry recession have severely affected computer chip stocks.The Philadelphia Semiconductor index has fallen 35 percent so far in 2022.That is far more than the S&P 500's 19 percent loss.Hoarding is making the situation worse.Hoarding is the practice of collecting or storing a large amount of something.
