According to reports, Intel CEO Pat Gelsinger said on April 29 that the chip shortage will last longer than expected.

Gelsinger said he had previously predicted the chip shortage would last until 2023 and now expects it to last longer as chipmakers struggle to buy enough manufacturing equipment and ramp up production to meet demand.

Chip shortages will continue into 2024, he said, and to some extent, equipment shortages have been seen to really impact the industry's ability to increase supply at the rate previously expected.