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Today, chips are in everything from PlayStation 5s and toothbrushes to washing machines and alarm clocks. But there’s not enough to go around — it’s a multifaceted issue that shows no signs of abating, leading some to call the current crisis “chipageddon.”

Source: https://www.cnbc.com/2021/05/12/the-global-chip-shortage-could-last-until-2023-.html

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It's a portmanteau of "chip", in this case referring to computer chips, and "Armageddon" a word originally coming from religious conceptions of the end of the world but now widely adopted for ever less significant disasters.

The use of -ageddon or -magaeddon as a suffix to describe some kind of shortage, disaster, or emergency is quite common, as is the alternative -pocalypse. This results in words such as carmageddon, snowmageddon, or snowpocalypse. Usually this form is used semi-humorously or cynically.

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