3M 2022 financial data from 161 sample downstream (components/EMS/IPC/auto) companies shows (1) record-high inventory days, still mainly driven by WIP and finished goods, reflecting logistic constraints and customers’ cautious pull-in; (2) raw material inventory days pulled back from record-high level, supporting improving, albeit still constrained, supply, i.e., PMIC/LAN IC; (3) auto chain’s record-high inventory days mainly led by raw materials and WIP, instead of finished goods, suggesting customers’ business model change (from JIT) and aggressive pull-in amid supply disruption in chip/logistic; (4) substrates’ finished goods days stayed below 20 days since 4Q19, supporting tight supply; (5) iPhone assemblers’ finished good inventory level less of a concern, but seeing raw material inventory growth acceleration (+70% YoY, vs sales +11%); (6) IPC reporting accelerating growth in revenue and operating profits, supported by record-high raw material inventory; (7) record-high capex intensity, mainly led by substrates (for spec upgrade and due to prolonged equipment lead time); (8) auto saw GM YoY acceleration and likely to continue in 6M22E, driven by new pricing, higher EV mix and NTD depreciation.