CNBC News spoke with Pat Gelsinger, Intel CEO, about the ongoing chip shortages that have haunted the industry in the years since the pandemic.Pat Gelsinger and other prominent CEOs, such as AMD CEO Lisa Suh and NVIDIA CEO Jensen Huang, calculated when the shortage would roughly end.Initially, they all expected the shortage to end at the end of this year.However, because resources have been hard to come by and many other factors have affected over time, that timeline has changed.Now Pat Gelsinger says that 2024 will be the year when the chip shortage ends.The flaw in the current shortage situation is not the lack of materials, but the equipment used to make the semiconductor chips.The new development forces Gelsinger to change his current thinking on scarcity.This is one reason why we think the overall semiconductor shortage will now drift into 2024, our earlier estimate in 2023, simply because scarcity has now hit equipment, and some of these plant hiccups will be more difficult to overcome.- Pat Gelsinger, Intel CEOHowever, throughout Gelsinger's tenure as Intel's CEO has been beneficial to the company.Intel has talked several times about the company's foundry plans.Gelsinger and Intel set up new manufacturing factories in the U.S.and explored potential recent locations for their factories around the world to help produce new chips and discoveries.Intel is better positioned with these strategies than other companies as long as third-party components and capacity continue to grow.We feel we are in a better position than most.The combination of our internal capacity as well as our foundry leverage -- we're just better positioned, and that's part of Intel's structural advantage.- Pat Gelsinger, Intel CEO for BloombergAMD and NVIDIA have not yet given new predictions about when the chip shortage will end and business can return to normal.Statements from the other two executives about their current forecasts for the next few years are expected to emerge in the coming months.
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