Technology

Chip supply eases, but the bottleneck just moved

Two years of shortage taught the industry the wrong lesson, some engineers argue. The next crunch is already visible.

It is tempting to read the moment as a rupture. It is more accurate, and more useful, to read it as an acceleration of trends that were already underway.

The institutions built for a slower world are straining, and the people who run them know it. The question is whether reform arrives by design or by crisis.

Either way, the coming months will tell us a great deal about which story we are actually living in.

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