Raspberry Pis are still widely out of stock. And not just Pis! The car industry has been facing chip shortages, Fujifilm's flagship digital cameras and lenses are still impossible to find and have been for years since the chip shortage started... Two years after Nvidia released their flagship GPUs they're finally able to be purchased, but they're only six months away from releasing the next generation, which will also likely be sold out immediately. No one has been able to use TSMC's latest fab tech other than Apple, because just Apple's demand for chips maxed out their entire production capacity. This is the largest chip shortage in my lifetime certainly, and possibly since the invention of the semiconductor.

Predicting an oversupply any time soon when chips in the leading, middle, and trailing edges are in an unprecedented shortage is like predicting that someday California will have too much housing. I mean, on a long enough timescale, maybe... But that's well into the "being too early is the same as being wrong" territory.