US chip-making giant Intel has warned that the ongoing chip shortage will linger until 2024 and possibly beyond.
“ The nick shortage cost the US economic climate $240 billion last year, and expect the industry will keep see challenges until a minimum of 2024 in areas of foundry capacity and tool accessibility, ” Intel TOP DOG Pat Gelsinger said inside a Thursday earnings call.
Gelsinger also said Intel had been working to “ mitigate” any disruptions in the current lockdowns in Shanghai in china, along with the Russia-Ukraine military turmoil, adding that manufacturing circumstances may worsen if the Covid-19 lockdowns in China persist.
The company also reported that demand designed for PCs has been falling over the past several months. In the first one fourth of the current year, Intel’s revenue for PCs slipped 13% year-over-year to $9. 3 billion due to inflationary pressures, component concerns, plus sagging sales.
Overall, Intel reported net income of $8. 1 billion dollars, which grew by a shocking 141% versus a year ago. Income dipped by 7 % to $18. 4 billion dollars, however.
The chip shortage severely hit global producers during the Covid-19 pandemic in 2020-21 after remote work and flexibility restrictions triggered an speed of digitization across the world. The crisis was seriously irritated by the current conflict within Eastern Europe, as Ukraine and Russia provide the almost all the world’s supplies associated with neon and palladium, crucial for the production of microchips.
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