I'm going to make this quick, but more than happy to answer any specific questions in the comments or Semiconductor group chat.

This product heat map from VLSI research provides insights into the S/D imbalance in the microchip market by different industry vertical.

Given the weakening in order flow around the middle of 2020, the bull case would be slack appearing in Q1 2021. But that assumes no additional demand... this will most likely continue throughout much of 2021 given the existing light inventory levels.

Note - pricing is on the rise, which should help the situation (and improve short-term profitability throughout the value chain).

I can't overemphasize the tailwinds the industry has. And there is value to be had across the food chain. I love some of the WFE companies ($AMAT $LRCX $KLIC) and even more so, the memory-based companies given 30% expected growth in DRAM with compressed supply ($MU / SK Hynix / Samsung).