Order activity stayed hot amid supply chain woes

• Order activity for semiconductor equipment held steady at a sizzling 115 degrees
• Even though the visibility and demand for equipment suppliers is the best it's ever been, persisting shortages and supply chain constraints are having a considerable impact on revenues in both 4Q21 and 1Q22
• The equipment spending profile will likely become more second-half loaded
• The fear of shortages and supply bottlenecks is pushing customers to continue building inventory
  • For many customers, the risks of holding too much inventory have much fewer ramifications than not having enough
• VLSI's Chip Price Performance Index rose
  • DRAM rose
  • NAND flat
  • MPUs flat
• Inventories remain at elevated levels