M1 Macbook Air panic thread cap/ Kernel?

why does my computer with the M1 chip pink screen and crash randomly? I think it has to do with the spotify app over loading my computer? This didn't happen on my old MacBook air, so i think it has to do with this newish chip.

first few lines of the crash report are;

Attempting to forcibly halt cpu 0

cpu 0 failed to halt with error -5: halt not supported for this configuration

Debugger synchronization timed out; waited 240000 nanoseconds

panic(cpu 2 caller 0xfffffe001816af1c): thread_call group 'high' reached max thread cap (500): active: 1, blocked: 499, idle: 0 @thread_call.c:409

then at the end;

!! debugger synchronization failed, no stackshot !!