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Photo: Qualcomm

Qualcomm executives told Axios on Tuesday that they are seeing demand for semiconductors exceed supply in all of their businesses, from cars to smartphones to networking gear, but they expect the shortage to start easing, at least for them, by the end of the calendar year.

Why it matters: A global chip shortage is hampering supply of all kinds of goods, but most notably the auto industry which is having to cut car production due to a lack of required semiconductors.

What they're saying: "We now have line of sight to material improvements for us toward the end of the calendar year," Qualcomm president and incoming CEO Cristiano Amon told Axios.

  • The comments came after the company reported better-than-expected quarterly sales on the back of strong smartphone sales. The company reported $7.9 billion in revenue, up 52% from the prior year.

State of play: Outgoing CEO Steve Mollenkopf added that larger chipmakers like Qualcomm are faring better than smaller companies. Qualcomm, he said, has been able to better weather supply constraints due to both its scale and the fact it gets its leading-edge chips from more than one supplier, unlike many rivals.

Of note: On the demand side, Qualcomm is also benefitting from the smartphone business, as companies that use its processors gain ground ceded by Huawei, which used homegrown chips but has seen its smartphone business — especially outside China — decimated by U.S. export restrictions and other economic measures.

The bottom line: "It's really an unusual time," Mollenkopf said. "We'll work through it."

Go deeper

Back-to-school spending expected to hit record high

Illustration: Brendan Lynch/Axios

Families are expecting to spend a record amount on back-to-school shopping this year, according to a new National Retail Federation survey conducted this month.

Why it matters: Purchases will be driven in part by electronics items, putting more pressure on retailers and manufacturers to meet that demand amid a continuing chip shortage and other supply chain constraints.

"Atmospheric river" to whiplash Northern California from drought to flood

A map depicting 24-hour preciptation forecast (inches) ending Monday at 5a.m. local time. Photo: NOAA

A series of powerful "atmospheric river" storms are set dump historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is predicted to whiplash Northern California from drought to flood.

10,000 trees near giant sequoia groves to be removed after fires

A firefighter looks up at a giant sequoia tree after fire burned through the Sequoia National Forest near California Hot Springs, California, on Sept. 23. Photo: Patrick T. Fallon/AFP via Getty Images

"Upwards of" 10,000 trees near giant sequoia groves have been "weakened by drought, disease, age, and/or fire" and must be removed in the wake of California's wildfires, the Sequoia and Kings Canyon National Parks announced.

Why it matters: The damage to these trees, considered "national treasures," and work to remove them means a nearby key highway must remain closed to visitors as they have "the potential to strike people, cars, other structures, or create barriers to emergency response services," per a statement from the national parks.