Bad news for gamers as executives expect the chip shortage affecting the gaming industry— and numerous other industries — to continue well through this year and into 2024.
Intel CEO Pat Gelsinger shared his opinion on the shortage during a CNBC interview, saying he doesn't expect it to end anytime soon.
"[W]e believe the overall semiconductor shortage will now drift into 2024," Gelsinger told CNBC.
Beyond the gaming world, many have been affected by the strain of parts in the last two years, including car manufacturing and the tech industry, which both rely on the chips.
The shortage was believed to drag into 2023 after a tough two years for the industries that depend on the part, and Gelsinger had agreed with these predictions during an earnings call last July, and in October of 2021, IGN reported.
But now, the shortage will continue to create supply chain issues for consoles like the PlayStation 5, Xbox Series X, and desktop computers, as well as cars and other types of tech.
Gelsinger shared that Intel is working hard to meet demand with their own chips and are almost keeping pace, but not every other company is following suit.
GlobalFoundries Inc., a contract chip manufacturer, is one of those companies not expecting the shortage to end any time soon.
"There's this wishful thinking that by the end of 2022, supply will be balanced with demand," CEO Tom Caufield told the Wall Street Journal. "I just don't see it."
Others in the industry shared the same sentiment.
Ganesh Moorthy, the CEO of Microchip Technology Inc., the maker of the microcontroller chips that work in all kinds of devices, including chip-making equipment, shared that the demand is so high the work isn't stopping.
"Demand has not come to the point where it is giving us a chance to dig out of the hole," Mr. Moorthy of Microchip said. "The hole just gets deeper every quarter."
