Intel says US chip shortage will persist till 20242022-04-29 16:52 by Daniela
The struggle to secure enough chips in the US will linger until 2024 and possibly beyond, according to Intel.
"The chip shortage cost the US economy $240 billion last year, and we expect the industry will continue to see challenges until at least 2024 in areas of foundry capacity and tool availability," Intel CEO Pat Gelsinger said in a Thursday earnings call.
Rising inflation, resurgence of COVID-19 in China and uncertainties around the war in Ukraine have shifted consumer spending away from gadgets, hurting Intel, which saw more than half of its revenue last year coming from the segment selling processors for PCs.
Over the long-term, Intel is betting chip demand will continue to soar on the need for computing across the consumer and commercial markets. It's why the company has been investing billions in establishing new chip factories in both the US and Europe.
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