Chipmakers Struggle With Inventory Buildup On Pandemic Demand CorrectionPandemic recovery, rising interest rates, a falling stock market, and recession fears have weakened consumer appetite for electronics.Retailers are stuck with goods on their shelves, and producers of products in high demand early in the pandemic battled surplus inventory, the Wall Street Journal reports.For chip makers, the shift triggered a wave of job cuts and reduced capital spending to restore profitability levels that have eroded in recent months.Chip inventory levels exceeded way beyond target level, Micron Technology, Inc (NASDAQ: MU) CEO Sanjay Mehrotra said after missing Wall Street earnings projections, gave a subdued outlook and said it would cut about 10% of its workforce.Micron eyed a facility in upstate New York that could cost up to $100 billion, partly funded by U.S. government incentives."