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Intel CEO expects chip shortage to last until 2023

After Intel (INTC) shares fell, the company's CEO stated that they expect chip shortages to last until 2023.

Donovan Erskine

October 25, 2021 8:30 AM

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With the 4th Quarter of 2021 underway, companies from around the globe are reporting on their performance for Q3. For Intel (INTC), it wasn’t all good news, as the company posted some impressive numbers in its report, though shares fell after its outlook predicted some potential issues in the coming months. In a response, the company’s CEO spoke about the impact that the chip shortage has had on business, stating that he expects it to last until 2023.

Intel (INTC) reported its Q3 2021 earnings last week, revealing numbers that beat expectations going into the quarter. That said, Intel is not without its challenges as we all continue to navigate the pandemic. There’s still a great deal of uncertainty surrounding production shortages and how it will impact business moving forward. Intel CEO Pat Gelsinger recently sat down for an interview with CNBC, where he spoke about the ongoing chip shortage.

“We call it match sets, where we may have the CPU, but you don’t have the LCD, or you don’t have the Wi-Fi. Data centers are particularly struggling with some of the power chips and some of the networking or ethernet chips.” He went on to state that he doesn’t expect the chip shortage to end anytime soon. “We’re in the worst of it now, every quarter next year we’ll get incrementally better, but they’re not going to have supply-demand balance until 2023.”

Intel believes that the chip shortage will gradually get better over the course of 2022, with things getting close to normal by 2023. Most recently, we saw Toshiba execs warn that shortages would likely last throughout next year. Nvidia, Intel, and TSMC have also stated that the chip shortage could potentially extend in 2023. For future updates on how production shortages are impacting the business world, stick with Shacknews.

Donovan Erskine

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_