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Intel CEO Pat Gelsinger is expecting the semiconductor shortage to remain until 2024. This chip shortage has impacted so many industries such as the gaming industry, car industry, and more.

Gelsinger told CNBC in a recent interview on Tech Check, that chip shortage could be prolonged for another two years due to the availability of manufacturing tools. “That’s part of the reason we believe the overall semiconductor shortage will now drift into 2024,” Gelsinger said.

Last July, Gelsinger believed that the shortage would have lasted until 2023, but with recent reports, that has changed. Intel reported its fiscal second-quarter with lower than expected results. The company’s shares fell by more than 6% on Friday.

Since the beginning of the Covid pandemic, the need for consumer electronics has taken off. Still, it also leads to factories being majorly impacted with workers not being able to meet the demand. Intel is investing heavily in building semiconductor factories in the U.S. and Europe. Most chip manufacturing is done in Asia. Intel has already invested more than $20 billion to build two new factories in the Midwest, one being in Licking County, Ohio, announced on January 2022. The U.S. Senate passed the U.S. Innovation and Competition Act last year to improve the production of semiconductors.

The semiconductor shortage has impacted both Microsoft and Sony, as their consoles were faced with meeting consumers’ demand since launch in 2020, alongside GPUs from AMD and Nvidia. However, Xbox has seen an increase in stock for both Xbox Series consoles, which resulted in Xbox having its best March sales month in the United States.

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