It appears to be a NAND and DRAM glut.

There still appears to be a shortage for power and analog semiconductors - specifically MOSFETs - along with FPGAs, but this is projected to ease by Autumn 2023.

Unsurprisingly, it's the latter that was increasingly outsourced and commodified (eg. IBM's divestment from microelectronics and AMD's fabless decision, the divestment from larger wafer fabrication to GlobalFoundries, etc) to China and Vietnam.

https://asia.nikkei.com/Business/Tech/Semiconductors/Chip-gl...