We don't need no stinking 7nm process
Shortages of semiconductors (and for the first time, AFICT, passives as well) are not going to be solved by building a fab plant for ever decreasing (and mis-titled) die processes.
Sure we there are shortages of the very high profit margin uber processors and GPUs, FPGAs, and the high volume competitive RAM & FLASH devices as well, but we are short not just these digital chips but the Analogue controllers as well: Just as likely to be unavailable are SMPS controllers, Interface drivers, ADCs and DAC and such, we are also short of desecrate semiconductors - Diodes, FETs and the like. This is not going to be solved by opening a new fab plant (in several years time) with ever smaller geometry, these devices run on much, much bigger process technologies because these devices can't be built on those lines.
Existing capacity has fallen, a product range is forever widening with more and more 'application specific' ICs for just a dedicated use, of cause it is going to be hard to supply demand. Add to that a pandemic that has interrupted manufacturing and the entire supply chin dries up.
As manufactures found that lead times for orders were going out for one device they began to stockpile for every device used in their products - after all you can't build an electronic device with just 90% of the parts... this meant that the parts that were readily available in the supply chain have seen a sudden surge in sales, and stock of these is now also short.
It is going to take a while to re-seed the supply chains. Initial capacity during the restart is being taken taken up by single order high value customers, and then tier 2 customers (such as the automotive industry), it will be a while before there is ample stock so that the rest of us (catalogue and non direct distribution customers) can continue.
The less profitable, and less in demand devices may well never be made again - No last time buy options, just quietly forgotten, or if there is an LTB it will be at the back of the queue. This will force a lot of re-design and perhaps retirement of products that would otherwise have continued for years to come. Stand buy for shortages of medical equipment and other low volume high value electronic products.