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Intel CEO Says Chip Shortages Will Extend Into 2023

Chip shortages will continue to disrupt console manufacturer for quite some time.
Chip shortages will continue to disrupt console manufacturer for quite some time. / SOPA Images/GettyImages

Intel CEO Pat Gelsinger has reiterated that the global chip shortages that have stalled console manufacturing will continue into 2023, even as chip makers rush to increase production.

"The overall semiconductor shortage is quite significant and the semiconductor industry was growing about 5% per year before COVID," Gelsinger said last week.

"COVID disrupted the supply chains, causing it to go negative... Demand exploded to 20% year-over-year and disrupted supply chains created a very large gap...and that exploding demand has persisted."

Gelsinger made his comments at an event related to Intel's new $7.1 billion expansion into Malaysia, the latest in a series of investments across the U.S., Europe and Asiat that aim to increase the company's ability to supply chips.

"It just takes time to build this capacity to respond to the spike," Gelsinger said.

This chip shortage combined with sky-high demand has kept video game consoles out of the homes of would-be buyers consistently since their release late last year. It's also made PC graphics cards even more scarce than they already were.