Update: Despite the chip shortage, the Nvidia GeForce RTX 3050 could be available in two desktop versions in January.

The global chip shortage is likely to last until 2023 at the latest, affecting everything from PS5 restocking to car production.

This news comes from the Financial Times (via 9to5Mac), where a reporter spoke with executives at Flex, the world's third largest chipmaker.

"With such strong demand, we are expecting mid to late 2022, depending on the product. Some expect [shortages] to continue through 2023," Lynn Toler, Flex's chief procurement and supply chain officer, told the Financial Times.

The global chip shortage has become an absolute nightmare for consumers looking for the latest technology. Graphics cards like the latest Nvidia GeForce RTX 3080 Ti sell out in seconds, and until manufacturers can better cope with the ongoing situation, this particular card is likely to remain sold out.

Because of the Covid-19 pandemic, mines in certain parts of the world were closed for months, severely limiting the amount of material shipped to Asia for chip production. This snowballed and will not end until world governments get the vaccine into people's hands.

The New York Times reported that many manufacturers had adopted Toyota's "just-in-time" production model. This means that parts are delivered to the factory as soon as they are needed for assembly. This limits inventory, and if for some reason a part proves to be defective, new parts can easily be ordered instead of having to hold large quantities of defective parts. This same model is spreading to all industries, from food to fashion. It can speed up manufacturing, which is convenient given that companies update their products on an annual basis.

Unfortunately, the "just-in-time" model and global pandemics are incompatible.

The new Chevrolet Corvette C8 is reportedly out of production, and Apple expects shortages of the iPad 2021 and MacBook 2021.

And it's not for lack of trying. According to the Wall Street Journal, Taiwan is struggling to devote resources to chip production, leaving farmers without enough water for their crops.

The only way out of this, it seems, is to get more people vaccinated. And with 2.5 billion vaccinations currently in place, that is going to take a while.