It does not make sense since Intel is at the same time saying they are in the biggest shortage in years, and Intel is still saying it as of now. They anticipate Q1 to be the worst point of the current shortage.
So the big question is where did all of Intel capacity go? Intel used to serve a LOT more demand and used to generate a lot more revenue with the existing capacity that’s in place.
All of the 14nm and 10nm capacity that used to generate 25-30% more revenue more CPUs. All that capacity is still good for Intel 10 and Intel 7 today. And Intel says this is the capacity that has the biggest shortage.