Hope you weren't planning on a new console or upgrades any time soon.
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AMD says that they anticipate shortages of PC, Xbox Series X|S, and PlayStation 5 chips to last through at least the first half of 2021. This news comes via AMD's recent Q4 2020 earnings call with AMD CEO and president Lisa Su. She says that the shortages are due largely to an increase in demand and supply constraints as a result of COVID-19.

Su says that AMD saw a strong increase in revenue for their business. However, the "overall demand exceeded (their) planning." This resulted in supply constraints across all markets.

"And so we do see some tightness through the first half of the year, but there's added capacity in the second half. And then as in terms of how we -- how we think about these things, so for our full-year annual guide, we do have good visibility on both the demand side and the supply side. And that was the basis for the guidance across the businesses."
This shortage on chips for consoles echoes what Microsoft CFO Tim Stuart said. He warned that shortages could continue through the first quarter of 2021 for the next-generation of Xbox consoles.