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2/9, 3:44 PM (Source: TeleTrader)
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Intel CEO: Chip shortages to persist until 2023

Intel Chief Executive Officer Pat Gelsinger (pictured) said on Wednesday that chip shortages will persist until at least 2023 and that the situation will ease in the second half of this decade.

Gelsinger stated that a new era on the digital transformation front began during the pandemic due to the critical role and high demand for chips and semiconductors in the global economy. Despite forecasts, he hopes the market for this technology reaches $1 trillion by the end of this decade.

"The situation will improve as more fabs begin to come online from Intel and others in the industry in the second half of this decade, fulfilling the expected doubling of demand and the need to migrate to more modern nodes," added Gelsinger in a statement published by the company.

Baha Breaking News (BBN) / JG