Chip companies just had their best sales year ever—charged by a global semiconductor shortage and growing demand—and industry executives expect that total to double in less than a decade, to more than $1 trillion.
The industry’s collective annual sales topped $500 billion for the first time in 2021, slightly larger than the global smartphone industry by some calculations. The pandemic accelerated digitization trends, such as people streaming movies and videogames and companies adopting all sorts of digital tools—all requiring chips.
