According to Nikkei Asia, GlobalFoundries CEO Tom Caulfield said on Monday that the chip industry will need to double its production capacity in the next eight to 10 years to address shortages and growing government concerns over supply chain security.

Tom Caulfield pointed out that recently, geopolitics have made the industry aware of the importance of semiconductors, especially semiconductor manufacturing, to supply chain security, sovereignty security and economic security.

Tom Caulfield said that all parts of the world are competing for chip manufacturing capacity, and the foundry industry needs to keep up with the trend.

"It needs our industry to double capacity in the next eight to 10 years," the CEO said. "It took 50 years for the semiconductor industry to grow to half a-trillion-dollar industry, and we will need to do about the same in about a decade."