Atom, the new chip that Intel built for so-called netbooks and phones in hopes of touching off the Internet-in-you-pocket phase of the computer revolution and widening its earnings, is in short supply.

Asustek, which is supposed to launch an Atom-based Eee next month, said during its earnings call Wednesday that it thinks the part will be quite scarce into Q3 when MIDs are supposed to start flooding the market.

Intel, aiming to make millions of the little processors this year, says it’s because it’s gotten more orders than expected. It says it’s stepping up production.

Asustek figures it’s got an advantage over would-be rivals like Dell and HP because the cheap little Eee isn’t dependent on the Atom. It still got the Celeron M. Asustek expects to move five million Eees this year.

Intel is particularly interested in pushing cheap netbooks into the BRIC countries.