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Intel Boss Predicts Chip Scarcity Into 2024

Intel CEO Patrick Gelsinger says the worldwide chip scarcity will proceed into 2024, as key manufacturing instruments stay in brief provide.

“That’s part of the reason that we believe the overall semiconductor shortage will now drift into 2024, from our earlier estimates in 2023, just because the shortages have now hit equipment and some of those factory ramps will be more challenged,” he told CNBC.

That is an extension of provide chain disruptions launched by the COVID-19 pandemic, and certain contributed to a lower-than-expected forecast for Intel’s fiscal second quarter outcomes. The corporate additionally skilled a 6% drop in share value alongside these revised forecasts.

“The overall semiconductor shortage is quite significant and the semiconductor industry was growing about 5% per year before COVID,” Gelsinger stated at an organization occasion final yr, when he predicted chip shortages would proceed into 2023.

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