PS5 has been falling behind the PS4 due to the shortages. I wouldn't be too surprised if shortages don't improve the PS5 doesn't retake the lead over the Switch this holiday.

PS5 and Switch forming the same double helix pattern and Switch and PS4 followed for the first three years or so, based on their different release times relative to the holiday period.
Will be interesting to see whether Switch breaks away in year 4 as did versus the PS4, or whether improved supply allows PS5 to better keep pace.

This is not like the PS4/Switch double helix pattern.  They traded first place depending on which system had the most recent holiday period.  In this graph the PS5 had the most recent holiday, and it's losing to the Switch.  This was also the Switch's weakest selling period in relative terms.  There was a huge lull in major software releases between Super Mario Odyssey in Oct 2017 and Super Mario Party in Oct 2018.  Switch had basically a full year without major software releases.  Once Switch gets to holiday 2018 it's sales become strong again though.

Basically, PS5 is not going to catch up to Switch again.  It's getting outsold during Switch's weakest software period.

PS5 is severely supply constrained at the moment though, I'm talking about what will happen once they can make and ship far more consoles instead of being constantly sold out due to the chip shortage.

The chip shortage is going to have to end in the next 3-4 months in order for the PS5 to catch up to the Switch again.  Even then, once Switch hits its next holiday, that is going to be it for the PS5.  It's too far behind, and Switch sales just get bigger and bigger from the next holiday onward.

I'm not ready to count out the PS5 just yet; the pent up demand for it is enormous and once supply improves sufficiently it could get a second wind in life like the Switch did in 2020.

@The_Liquid_Laser only you bet on the PS5'22 that will be as less as possible (the weaker bet option was 10-15M for the year) when almost everyone said more than 15M.
So credits for this. You just might get it right. Even though PS3'08 year wasn't strong (10.4M) by this point in time PS5 is around 600k behind .. which is very bad .. It is questionable if even 10M will be reachable for it this year, although I believe it can hit 10 and even 12M because I think shortages will be way less going further in the year and especially the fall.

Well, obviously we still have our bet.  And it's clear that the two of us have radically different views on the outcome of the PS5.

Do you think you can still win that bet?

Ask me after Dec 31, 2022.  So, far things are going pretty well for me though.