The Commodity IQ Inventory Index fell to less than half of the pre-pandemic baseline across all electronic component commodities. Demand softness outside of the robust growth in the high-performance compute sector resulted in both passive and semiconductor device manufacturers reducing capacity utilization, with some passive players having moved to below 50% and semiconductor makers to between 65% and 85%. Coupled with front-loading in advance of import and export tariff expansions, component buyers are advised to be on the lookout for any significant demand increases as the market will tighten quickly.