FOX Business’ Blake Burman at the upcoming semiconductor summit
The American technology company Intel said that it was fighting the shortage of semiconductor chips affecting the automotive industry on the same day, President Biden rounded off CEOs for a virtual summit on the semiconductor supply chain.
“We hope some of these things can be alleviated without the need for a three- or four-year factory build, but maybe six months of new products certified on some of our existing processes,” said Intel CEO Pat Gelsinger, told Reuters. “We have already started with some major suppliers of key components.”
DEMOCRATIC SENATOR’S WIFE CALLS IN SEMICONDUCTOR INDUSTRY HER MANY TRIES TO SUBSIDY
Intel participated in the White House virtual summit where Biden discussed the ‘dual’ nature of improving the US semiconductor industry.
President Joe Biden holds up a silicon wafer while virtually attending the CEO Summit on Semiconductor and Supply Chain Resilience in the White House Roosevelt Chamber, Monday, April 12, 2021, in Washington. (AP Photo / Patrick Semansky)
“This is an issue that has broad support in the U.S. Congress. We’re talking about whether we’re doing something in terms of dual,” Biden said. “In fact, I received a letter today from 23 senators, bipartisans and 42 House members, Republicans and Democrats, who support the Chips for America program.”
The White House event also included representatives of Google’s parent company Alphabet, Dell, Ford, General Motors, Northrop Grumman and AT&T. It comes amid a shortage of semiconductors affecting the automotive industry and other sectors.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| INTC | INTEL CORP. | 65.41 | -2.85 | -4.18% |
The shortage of semiconductors is being described as a national security issue – national security adviser Jake Sullivan and National Economic Council director Brian Deese would also join the summit.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
The global shortage of semiconductors has forced GM and Ford to cut production at North American factories as disk supplies tighten. According to Reuters, Intel will open its factories to automotive companies to solve the problem faced by GM, Ford and others.
According to the Semiconductor Industry Association, whose members include AMD, Nvidia, Micron, and others, the U.S. has declined in semiconductor manufacturing versus rivals, with its share of global manufacturing capacity now only at 12%, compared to 37% in 1990.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Fox Business’s query to Intel was not returned at the time of publication.
Fox Business’s Suzanne O’Halloran and Associated Press contributed to this report.