Semiconductor Chip Shortage
Have you noticed limited supply and higher prices of certain products?
Take cars for instance. When COVID hit, people fled cities to work remotely. Without the convenience of public transportation, they bought vehicles. When travel dropped, rental companies sold their inventories. Later, they purchased used vehicles to meet rising demand, but the primary factor affecting supply and prices is due to a semiconductor chip shortage. We used to lead the world in making chips. Now we produce zero. Most of the world’s most sophisticated chips are made in Taiwan. This not only affects the used car market, but it’s a national and economic security risk. Tension between the U.S. and China didn’t help. Chinese tech giant, Huawei and other companies stockpiled semiconductors, further reducing supplies. It typically takes two-and-a-half years to build a chip manufacturing plant. So some experts predict that vehicle inventory due to the chip shortage won’t recover until 2023.
Other industries have also been affected. Consumer electronics rely on chips. Prices are up for laptops, TVs, smartphones, and gaming consoles because of limited supplies of finished products. Now if you had to replace any home appliances, you probably had to wait longer than usual or pay a higher price. The Apostle Paul learned to be content in every circumstance. He learned the secret of facing plenty and hunger, abundance and need. May we learn from Paul as we face chip shortages and other challenges.
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