Intel Chief Executive Pat Gelsinger said the chip shortage will last longer than expected as the semiconductor giant reported a decrease in quarterly sales with PC purchases slowing.
The Santa Clara, Calif.-based company profited handsomely from the shift to remote work and learning, which drove a shopping frenzy for desktops and laptops, many using Intel’s chips. PC shipments fell by about 5% in the first quarter, according to estimates from International Data Corp., suggesting that a two-year wave of demand might have crested.
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