Xie Ruifeng from semiconductor industry market research institute ICwise told Caixin: “This round of business sentiment is reversing so fast that chip designers were struggling to find production capacity only last year, but now they find chips won’t sell.”Meanwhile, smartphone and PC demand is shrinking, with global 5G smartphone shipments expected to fall by 150 million units in 2022, the report says.Caixin noted that TSMC is facing significantly reduced orders:TSMC, the world’s largest contract chipmaker, faces reduced orders from four of its largest customers, reflecting slowing global demand.And manufacturers are dealing with "six months of stockpiles" that they built up as a result of 2021's shortage...and once-optimistic demand forecasts.Still, it appears that all of the massive new infrastructure projects being taken on by companies like Intel and TSMC as a result of last years' shortage are going to forge forward.Semiconductor Manufacturing International Corp (SMIC) co-chief executive Zhao Haijun told Caixin: “We will not change oBy Zerohedge.comMore Top Reads From Oilprice.com:- Biden’s Plan To Refill The SPR Is Unlikely To Boost U.S. Oil Output- Colombia Is On The Brink Of An Energy Crisis- Biden Just Put A Floor Under Oil."