An excellent write-up Jan-Peter Kleinhans & Julia Hess for Stiftung Neue Varanwortung:

What customers and markets are currently experiencing as “the semiconductor shortage” is, in fact, multiple shortages happening concurrently in different process steps and supplier markets based on a multitude of dynamics and dependencies. The interplay between the underlying dynamics, such as high market entry barriers, high geographic concentration, high fab utilization and long manufacturing cycles, is the reason why skyrocketing demand and external shocks, from natural disasters and human error to COVID-19-related lock-downs, disrupted the value chain since 2020. Consequently, none of the shortages in semiconductor manufacturing can be explained by one reason alone. Most importantly, some of the underlying dynamics are unlikely to change in the future because they are rooted in fundamental characteristics of semiconductor manufacturing.

You can get the full PDF here. Well worth the 30 page read.