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Illustration: Sarah Grillo

Good news: The worst of the chip supply crunch might be near.

The other side: Here's the bad news... CEOs say chips totally flowing like normal is still a ways out.

Intel just sketched out a timeline: "While I expect the shortages to bottom out in the second half, it will take another one to two years before the industry is able to completely catch up with demand," CEO Pat Gelsinger said during its earnings call.

  • It echoes the sentiment from "chip kingpin" Taiwan Semiconductor: Pain will begin to ebb this quarter, but "capacity will remain tight throughout this year and extend at least into 2022," CEO C.C. Wei said last week.

Why it matters: The ongoing shortage is wreaking havoc on the world's supply chain for gadgets and cars.

  • Consumers are already feeling the pinch in the form of higher prices (that's if they can find what they want at all).
  • Some economists are betting that easing bottlenecks will take the pressure off inflation for things like cars.

The intrigue: As chipmakers crank up production to help ease shortages, a new fear is creeping in: The industry will overshoot and there will be a chip glut in the years to come, Bloomberg reports.

🎧 Axios Re:Cap spoke with Commerce Secretary Gina Raimondo about the chip shortage. Listen.

Go deeper

Auto shows are back but they aren't just about cars any more

Hildegard Müller, president of VDA, organizer of the 2021 IAA auto show in Munich. Photo: Christof Stache/AFP

Auto shows are coming back, but they don't just feature pretty cars: Now they also have hands-on experiences showcasing innovative climate-friendly technologies and new modes of mobility.

Why it matters: Big, international auto shows have been dying for years, and the coronavirus pandemic looked like it might be the final straw. Instead, they're trying to stay relevant by reinventing themselves to reflect an industry undergoing historic change.

2020 was the deadliest year for environmental defenders

Engineer Sandra Cuéllar is one of many Colombians who've gone missing or been killed for their environmental activism. Photo: Luis Robayo/AFP via Getty Images

Latin America and the Caribbean is the deadliest region for environmental defenders, a violent record that has global repercussions.

Why it matters: The region has several of the most biodiverse areas of the planet, but they are constantly threatened by logging, mining or aquifer overexploitation.

2 hours ago - Politics & Policy

Senate offices closing ahead of "Justice for J6" demonstration

Security fencing outside the U.S. Capitol ahead of a planned "Justice for J6" rally in Washington, D.C.. Photo: Stefani Reynolds/Bloomberg via Getty Images

Multiple congressional offices will be closed Friday amid security precautions ahead of Saturday's rally in support of jailed Jan. 6 rioters, aides who have been instructed to work remotely tell Axios.

Why it matters: As the U.S. Capitol faces its first large-scale security test since the deadly attack, House and Senate offices are taking precautionary measures to protect staff as well as lawmakers.