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TSMC is anticipating a chip shortage until 2022.

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On Thursday, Taiwan Semiconductor Manufacturing Co Ltd (TSMC) said that it is doing everything it can to increase productivity and alleviate a global chip shortage, but that supply bottlenecks would likely last until next year.

The world’s largest contract chipmaker announced that it is increasing capacity while keeping prices competitive.

“We’ve purchased land and equipment, and we’ve commenced building on new facilities,” Chief Executive Officer C. C. Wei said in an online earnings briefing. In addition, we’re hiring tens of thousands of people and extending our capabilities across the country.”

According to Intel CEO Pat Gelsinger, the chip shortfall will endure “a couple of years,” who spoke to the Washington Post on Wednesday.

TSMC’s comments come after the company reported a 19.4% increase in first-quarter earnings, beating market expectations, thanks to solid chip demand and a global shift to remote work.

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