Nvidi­a’s lat­est update to investors had a major warn­ing attached: demand for its prod­ucts will like­ly exceed sup­ply until the end of the year.

This update comes before the offi­cial release of the com­pa­ny’s Q1 earn­ings, but in a blog post Nvidia CFO Colette Kress made it clear that chan­nel inven­to­ries remain con­strict­ed and that this is unlike­ly to change by May as per­vi­ous­ly thought. That said, Kress does state that Nvidia hopes sup­ply will boost a lit­tle in the com­ing months, even­tu­al­ly meet­ing demand in the new year.

Over­all demand remains very strong and con­tin­ues to exceed sup­ply while our chan­nel inven­to­ries remain quite lean,” Kress said. “We expect demand to con­tin­ue to exceed sup­ply for much of this year. We believe we will have suf­fi­cient sup­ply to sup­port sequen­tial growth beyond Q1.”

This means that GPU short­ages will only con­tin­ue, despite Nvidi­a’s claims that its Ampere launch was suc­cess­ful. If the rumored Nin­ten­do Switch Pro are to be true, this could mean a poten­tial prob­lem. It’s been report­ed the con­sole is going into pro­duc­tion in June, releas­ing lat­er this year and using Nvidia chips (with this lim­it­ed sup­ply it could impact any poten­tial launch). 

The ongo­ing semi­con­duc­tor short­age is par­tial­ly to blame for numer­ous elec­tron­ic-relat­ed stock issues, the most notable being the con­stant­ly low lev­els of Xbox Series X|S and PS5s. AMD, the com­pa­ny that sup­ply the hard­ware for all three major con­soles, has said pre­vi­ous­ly this year that it expects the short­age to con­tin­ue to at least through July. They have not giv­en an update in sev­er­al months.