U.S. President Joe Biden met with executives from major companies on Monday to discuss the global chip shortage that has hit automakers and spurred Intel Corp to announce it plans to make chips for car plants at its factories in the next six to nine months. During the meeting, Biden said he had bipartisan support for legislation to fund the semiconductor industry. He previously announced plans to invest $50 billion in semiconductor manufacturing and research as part of his drive to rebuild U.S. manufacturing under a $2 trillion infrastructure plan. The global chip shortage stems from a confluence of factors as carmakers, which shut plants during the COVID-19 pandemic last year, compete against the sprawling consumer electronics industry for chip supplies. That industry has seen a boom as people spend more time at home. Biden and his top advisers view the semiconductor shortage as a “top and immediate priority,” the White House said after the meeting. Intel Chief Executive Pat Gelsinger, who attended the meeting virtually, told Reuters the company wanted to start producing chips at its factories within six to nine months to address the shortage, which has idled assembly lines at some U.S. automotive plants. The supply crunch… Read full this story
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