How do you track demand shifts in the chip market right now?

Honestly, I'd combine both right now — secondary data (SEMI equipment book-to-bill, distributor inventory days from earnings calls) gives you the leading signals fast, while targeted buyer surveys help you understand *why* demand is shifting, not just that it is. For semis post-correction, I've found tracking hyperscaler capex guidance closely is a solid shortcut since it tends to move the broader demand picture. Don't sleep on Taiwan trade data either — it's a decent real-time proxy.