Yes, when you hear stockholder reports of "another quarter of record profit" you see this in action. And that's not exclusively a chip thing. Look at gas/oil. Prices are relatively sky high but big oil will report record profit too.
In "normal" capitalism, inflation should pinch both ends. Sellers should feel pressure to eat some margin to try to minimize price increases out of fear that buyers won't pay. Buyers should anticipate higher prices and then carefully consider if they want to pay more for that "thing" they want... or- and this is key- choose to NOT buy. However, in modern capitalism, inflation creates an easy excuse to raise prices- not just to cover costs- but to expand margin.
The clever part is that inflation has been recast as something that is to be managed/controlled by the FED instead of something to be managed/controlled by buyers flexing their power to NOT buy. The FED can only make debt more expensive, which does play a part in managing the pace at which inflation runs. The real power to dramatically manage inflation... to even drive prices down... is for consumers as a group to decide their dollars are worth more than the stuff being pitched to them. Until "we" do that, prices only rise. Even the FED targets "managing" inflation to about 2% (increases) each year.
There's no such entity working to drive prices down... even modern consumers as a group. Yes, we will whine. Yes, we will gripe. But then we fall all over ourselves to be first to pay up whatever the ask price. While we do that, sell-side capitalism is working fantastically well: revenue records, profit records, bonuses being earned, stock option grants, etc.