Intel CEO believes that the global chip shortage that the world is currently struggling with, could potentially last for a couple of more years. The company’s executive thinks that the issue could be prolonged by up to 2 more years.
According to a WallStreetJournal report, the senior official made the statement during the recent earnings report. Pat Gelsinger, the CEO of the semiconductor giant said that “This is a pivotal year for Intel,” after the company recorded a weaker quarterly earnings. Gelsinger stated that the supply constraints that has already affected various industry across the globe will continue until additional capacities are built. These new capacities could help ease the chip shortage and help supply catch up with demand.
The chips made will cushion the blow that has affected the automobile and consumer electronic products. In an interview, Pat said that “This will take a while until people can put more capacity in the ground. It’s just the way it is when you’re building new factories.” For those unaware, the global shortage has already disrupted manufacturing across numerous industries that has led to halting of automobile production and even certain home appliances as well.
Recently, US President Joe Biden met with various tech giants and semiconductor based firms to address the issue and even pledged 50 billion US Dollars for the semiconductor industry. As per Gelsinger, “The investment needed at the scale required is immense.” Pat also promised to have some production capacity made available to help in easing the chip shortage.
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