Are you sure it is this chip?? ESP chips are quite common and they make billions of them a year. This one is the latest and Wifi 6 compliant.
I would think that with Lifx using 2.4ghz only that this high end chip is not really required and they may be able to dial back to a Wifi 5 based chip that may be available in supply sooner than waiting for more production of this one.
I imagine they will be looking at all avenues....but because this is such a common chip....any replacement will probably work almost exactly the same as the specs are common across chip makers.
The issue with China/Taiwan is the one to watch as massive disruption through that tension or any escalation there would leave the world in a far more precarious position from a technology stance.
BUD Price at posting:
4.3¢ Sentiment: Buy Disclosure: Held