Money
No end in sight for global chip shortage
There seems to be no end in sight for the global chip shortage as wait times extend to as much as 20 weeks significantly delaying critical industries.
New research has found that the time between ordering a chip and receiving one has extended by more than 8 days when compared to last month the longest wait time since data began being tracked in 2017.
These delays are having a significant impact on many critical industries, including car manufacturers, industrial equipment and home electronics producers.
But it is the motor vehicle industry that is feeling the greatest pinch – which is expected to lose $100 billion in sales due to the inability to make cars.
Other tech giants like Apple, Microsoft and Samsung are also unable to keep up with consumer demand for their products.
It comes as the Biden administration moves to secure on-shore chip manufacturing plants in a bid to end this worldwide shortage.