Intel warns over chip supply shortages
Stocks closed 1.06% lower on Friday while the broader S&P 500 gained 0.08%
Stocks impacted: Intel Corp (INTC)
Intel's CEO said it could take several years for a global shortage of semiconductors to be resolved. Pat Gelsinger noted that a cycle of explosive growth in semiconductors has placed a huge strain on global supply chains around the world. Ha also stated that the company has doubled its internal wafer capacity in the past four years and that it is driving a collaborative approach to help the supply chain. Intel closed 1.06% lower on Friday while the broader S&P 500 gained 0.08% ahead of the weekend. In May, shares of the world's largest chipmaker lost nearly 1%. Earlier this month, the research firm Atlantic Equities downgraded the stock to underweight, citing the fact that Intel’s plan to expand its manufacturing base wouldn’t help it fend off rival Advanced Micro Devices.
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