Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
Budget 2023
Budget 2023
you are here: HomeNewsBusiness

Intel says US chip shortage will persist till 2024

Intel forecast second-quarter revenue and profit below Wall Street expectations on Thursday on worries of demand weakness in its largest end market, PCs, and increased supply-chain uncertainty due to lockdowns in China.

April 29, 2022 / 12:22 PM IST
Representative image (Shutterstock)

Representative image (Shutterstock)

Shortage of semiconductors in the US will persist till 2024, Intel CEO Pat Gelsinger said on April 28, claiming the dearth of chips had cost the American economy about $240 billion in 2021.

"We expect the industry will continue to see challenges until at least 2024 in areas of foundry capacity and tool availability," Gelsinger said.

Intel forecast second-quarter revenue and profit below Wall Street expectations on Thursday on worries of demand weakness in its largest end market, PCs, and increased supply-chain uncertainty due to lockdowns in China.

Shares of the company fell five percent in after-market trading.