During a recent interview with CNBC, Intel CEO Pat Gelsinger said that the global chip shortage would continue until at least 2023. Gelsinger noted that the ongoing chip crisis affected Intel’s PC business in Q3 of 2021 and that while every quarter is getting incrementally better, the industry won’t achieve a supply-demand balance until 2023. He revealed that the digitization of everything accelerated by the four superpowers of AI, cloud-to-edge infrastructure, pervasive connectivity, and ubiquitous computing is driving the industry’s increasing demand for silicon chips. He expects the semiconductor market to double to $1 trillion by 2030.

Zoom Out: Meanwhile, the global chip shortage continues to also wreak havoc on the automotive sector, with several of the world’s leading automakers blaming the crisis for disappointing financial results. It has forced companies like Ford, BMW, and Honda to cut production in their manufacturing plants. According to consulting firm AlixPartners, the semiconductor chip shortage is expected to cost the global auto industry $210 billion in revenue in 2021. The shortage has also negatively impacted smartphone, laptop and game console manufacturers around the world.

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