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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

Global energy crisis could dim climate hopes

Illustration: Annelise Capossela/Axios

An energy crisis around the world is hitting households and manufacturers that were already struggling to recover from the global pandemic.

Why it matters: This is a perfect storm of crises. It features supply shortages, especially from China; inflation; slowing growth; labor shortages; Russia’s continued geopolitical muscle-flexing and, of course, the fear that the world will burn to a crisp.

Updated 3 mins ago - Health

The case for Operation Warp Speed 2.0

Illustration: Annelise Capossela/Axios

Omicron's blitz around the world has underscored the need for a new arsenal of COVID vaccines and therapeutics, experts say — and that may require an effort akin to Operation Warp Speed 2.0.

Why it matters: The virus will continue to evolve, potentially in a way that further escapes vaccine protection, and the best way to prevent more global disruptions to everyday life is to have tools ready to combat whatever comes next.

Ina Fried, author of Login
30 mins ago - Technology
Column / Signal Boost

Microsoft's metaverse maneuvering

Illustration: Annelise Capossela/Axios

Microsoft is pitching investors and regulators that its $68 billion Activision Blizzard deal is all about the metaverse, that nebulous buzzword taking the tech world by storm.

What they're saying: By my colleague Stephen Totilo's count, Nadella used the word "metaverse" at least five times in his conference call discussing the deal. Activision Blizzard CEO Bobby Kotick mentioned the metaverse four times, while Microsoft gaming chief Phil Spencer used the term twice.