Benzinga | Jun 1, 2021 10:46AM EDT

Intel Estimates Semiconductor Crisis to Loom For Multiple Years: Reuters

* Intel Corp (NASDAQ:INTC) CEO Pat Gelsinger acknowledged the global supply chain strain from remote work and study triggered semiconductor demand explosion and estimated the crisis to last for several years, Reuters reports.

* Gelsinger had previously disclosed chip production plans to address the auto chip crisis. Intel had announced a $20 billion chip building plan.

* Intel plans to expand to other locations in the U.S. and Europe for a sustainable global semiconductor supply chain.

* Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) and South Korea's Samsung Electronics Co Ltd have dominated the semiconductor manufacturing business over the last few years.

* Price action: INTC shares traded lower by 0.39% at $56.90 in the market session on the last check Tuesday.