As Biden meets CEOs to tackle chip shortage, Intel offers hope

During a White House meeting, Biden said he has bipartisan support for legislation to fund the semiconductor industry.

United States President Joe Biden has met with executives from key companies to discuss the global chip shortage that has hit automakers and spurred Intel Corp to announce that it plans to make chips for car plants at its factories in the next six to nine months. During the meeting on Monday, Biden said he had bipartisan support for legislation to fund the semiconductor industry. He previously announced plans to invest $50bn in semiconductor manufacturing and research as part of his drive to rebuild US 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. The latter industry has seen a boom as people spend more time at home.