Intel CEO Pat Gelsinger told CNBC on Friday he now expects the semiconductor industry to suffer supply shortages until 2024.

An interview about “TechCheckGelsinger indicated that global chip shortages could continue due to limited supply of key manufacturing equipment, which may make it hard to increase capacity in order to keep up with rising demand.

Gelsinger stated that the general semiconductor shortage could now shift to 2024 from the 2023 estimates. Gelsinger explained, “That’s partly why we believe it will drift into 2024.”

These comments were made by the CEO one day after chipmaker Chipmaker was founded in California. offered a second-quarter forecastWall Street was expecting a lighter figure. Analyst expectations were exceeded by its first quarter earnings and revenue. Intel shares fell more than 6 percent Friday.

As the world gets more digital, there has been a growing demand for semiconductors for many years. Processing chips are used in everything from phones to cars to washing machines.

The Covid pandemic created an acute shortage. However, factories were also disrupted as demand for electronic consumer goods soared. There has been a severe shortage. significant economic consequencesAnd has contributedThe U.S. has seen its highest inflation rate since the 1980s.

Intel’s February 2021 CEO, Gelsinger, has made a series of significant investments in order to increase geographical diversification and improve chip manufacturing. Intel is spending heavilyTo build semiconductor factories (also known as fabrication facilities) in the U.S. and Europe. The majority of world’s manufacturing capabilities are now located in Asia.

Gelsinger stated that “We have really invested in these equipment relationships” but it will temper the building out of capacity for everyone else and us. However, Gelsinger believes we are better placed than most of the industry.