Gurg :
Chip shortage=fake news. Plentiful supply of CPUs at local Microcenter with 10+ each of 9900k, 9700k and 9600k. 16gb of 3600 RAM at just $139. 500gb 970 evo for $130 on Amazon (half the price I paid for my first 240gb m.2 four years ago) . And there is even starting to be limited number of overpriced 2080tis at local Microcenter.
You're not thinking globally.
Graphics cards, RAM, CPUs, Samsung SSDs and several other components are all in short supply here. As a result, prices of CPUs have hiked 20%-30%, as have Samsung SSDs. Graphics cards still have not dropped in prices here from their insane levels at the crypto mining peak. The new RTX series cards are priced 20% higher than the highest point the GTX cards were at. $2000 for an RTX 2080 is not uncommon.
To put that into perspective for you, that's around $1440 USD for a RTX 2080.
And RAM is still almost double (Or triple in some cases), to what it was in October 2016, again with no evidence the prices will ever come down.
Gurg :
What hasn't happened is a meaningful justification for PC owners to upgrade their systems.
That is true.