Intel Corp.’s new chief executive said a global chip-supply shortage could stretch two more years as the U.S. semiconductor giant posted weaker quarterly earnings.
Pat Gelsinger said the supply constraints that have affected some sectors of the global economy for months will continue until more capacity comes online to meet chip demand for everything from automobiles to electronics.
“This will take a while until people can put more capacity in the ground,” he said in an interview. “It’s just the way it is when you’re building new factories.”
The global shortage of semiconductor chips has disrupted manufacturing across various sectors, leading to temporary shutdowns of automobile factories and reduced supply of items such as computers and some appliances. Chip companies have been scrambling to help overcome the shortage.
The White House this month met with executives from the chip and other industries to help determine what action it should take to address the shortage and strengthen the domestic chip-building industry. President Biden previously pledged to fix the chip shortages and included $50 billion for the semiconductor industry in his expansive infrastructure-spending package.