The global semiconductor shortage is wreaking havoc on industries including autos, cell phone makers, and consumer electronic products.
Despite a proactive White House, with its efforts to boost supply chains and Intel's $20 billion investment to build two plants of its own, the shortage is not going away anytime soon according to CEO Pat Gelsinger.
WHITE HOUSE, INTEL TEAM UP TO TACKLE CHIP SHORTAGE
"Our estimates are it’s probably two years for the industry to work through it because, as you say, it takes a while to build a fabrication, or a fab, as we like to call it in the industry," he said during an appearance on Barron's Roundtable.
AUTONATION CEO BEMOANS CHIP SHORTAGE
The world's largest chip maker, in March, announced a $20 billion investment to build two new plants in Arizona which will take time to come online.
"We’ve just announced two major new fabs in Arizona. They’re a meaningful acceleration to our manufacturing capability, but it takes a while for them to come online" he explained.
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Automakers including Ford, GM and Chrysler, have paired production amid the shortage.
Despite raising its annual forecast, Intel shares slumped 5% on Friday but have still gained nearly 19% this year.