Chip Shortage Will Last Until 2024, Intel CEO Says

The ongoing chip and semiconductor shortage, which has been affecting technology across a wide range of products--including game consoles--has been going on for about two years now, but Intel's CEO says we could see it continue until 2024. That could mean continued supply problems on everything from the PS5 to new cars.

Speaking to CNBC, Intel CEO Pat Gelsinger said the chip shortages have begun hitting the equipment needed to manufacture products, and "some of those factory ramps will be more challenged." The company's previous estimate had the shortage going into 2023, but the volatile nature of the ongoing COVID-19 pandemic has made it pretty much impossible to nail down a firm date.

Intel is taking matters into its own hands to avoid supply bottlenecks in the future, as it's building a $20 billion chip production facility in Columbus, OH. However, this facility won't actually be operational until 2025, at which point it's possible these ongoing supply issues will no longer be as severe.

Recently, we have seen some improvement in consoles' availability. Though the PS5 is still very hard to find, the Xbox Series X has been easier, with the cheaper Series S routinely available across both online and retail stores. However, even older systems don't seem immune to the supply shortages, with Nintendo even lowering its Switch sales forecast from 23 million units to 20 million units. It had already lowered its forecast previously from 24 million to 23 million.