QUALCOMM Incorporated’s (NASDAQ: QCOM) CEO Steve Mollenkopf stated on Saturday that the firm is seeing improvement in the struggles to ease the shortage of chips. The shortage of chips has disrupted various industries all around the globe. During the virtual talks, the CEO commented that the request for older chips is easier to react to.

Recently, the world has faced a shortage of chips which in turn triggered panic buying which led to the shortage of chips. The panic buying of the chips has further squeezed the capacity and further increase the costs of the cheapest components of the microchips.

In a virtual talk Mollenkopf said: “The market can fulfill the demand more rapidly to some of the older nodes than the newer nodes, so depending on the product, you may be in a position to get some progress." If we talk about the largest semiconductor in the world, the countries include South Korea, Japan, and the US came into our minds.

Various companies including defense, telecom, and many others who are dependent on the availability of chips have shown concerns. Recently, Nokia Corporation has also joined the queue of those who are showing concern regarding the availability of chips. The President and CEO of Nokia suggested that the closely supervised and supply chain outlook is not quite as same as it used to be in the past. He stated that his firm has not seen any impact of this shortage but this is a global concern.