A sharp drop in graphic chip prices could presage an unexpectedly quick ending to a global chip crunch that has crippled manufacturing from smartphones to cars, and the issue will be a central one for companies reporting results this week.

As Intel, Qualcomm and others report, investors will weigh how dampened consumer spending from inflation, China’s Covid-19 lockdown and Russia's invasion of Ukraine balance out supply chain blockages for microchips.

The trigger is a drop in...