The Semiconductor Industry Association (SIA) and Boston Consulting Group (BCG) published a report today detailing the, well, semiconductor industry's weaknesses as the entire world attempts to figure out how to respond to the ongoing chip shortage .

Many enthusiasts probably know the biggest issue: The semiconductor industry relies on many companies around the globe, but most operate within a very specific niche, giving them significant influence over their domain. This results in a supply chain that is both dangerously small and dazzlingly

The semiconductor industry is notoriously slow when it comes to reacting to sudden increases in demand. Some analysts believe that demand for chips now exceeds supply by about 30%, and it will take three or four quarters for the supply to catch up with the demand. Essentially, this means that chip shortages will persist well into 2022.

Chip Demand Is Booming

Nowadays, virtually all electronic devices have chips in them, so the demand for semiconductors is generally at an all-time

The supply shortage of silicon chips has reached an all-time high, and fabs like TSMC simply don't have enough production facilities to keep up with the incessant demand from the server, PC, and automotive markets. Per a report from CNBC , President Joe Biden plans to review several critically important industries severely hampered by high demand -- including the semiconductor industry.

More specifically, Biden wants the U.S. to be competitive with China and lessen its dependency on Chinese production facilities