Semi Conductors and the Supply Chain - Real Demand Versus Stock Piling?

There is this bull whip effect that seems to be at play where everyone was expecting demand to drop a company's c orders, so the semi conductor manufactures sort of backed off from production. And then things turned out better than people had expected, and there was loads of demand. The semi conductor companies have been trying to catch up ever since. So it's hard to tell what's real demand versus what's just people hoarding components because they think they're not going to be able to get them.