The way we work and learn has changed, and it doesn't look like a reversion to pre-telework habits will ever fully occur. Several companies (including Salesforce, Twitter, Square, and Spotify) have said that telework will be a significant part of their post-pandemic reality.
Meanwhile, electric vehicles are slowly but surely taking market share from internal combustion engines that use less than a third as much silicon.
It feels like demand creation to me, and that means we ought to treat the prior capex roadmap for the industry as insufficient.
Even in the absence of demand creation, fab concentration in Taiwan is increasingly a liability in a world where Chinese economic hegemony is growing. One way to mitigate future perturbations that may result from military conflict, natural disasters, or other interruptions in Taiwan's fabs would be to build greater capacity outside of Taiwan.