President Joe Biden on Monday is due to take part in a virtual meeting with executives from 19 companies as part of his administration’s effort to address an ongoing chip shortage.
Around noon Eastern, Biden is slated to “briefly” join a “CEO Summit on Semiconductor and Supply Chain Resilience,” the White House said.
The executives are expected to include Google parent Alphabet’s GOOG,
The other companies sending a CEO or other high-level exec are AT&T T,
National Security Adviser Jake Sullivan and National Economic Council Director Brian Deese are hosting the summit, with Commerce Secretary Gina Raimondo also participating.
Ahead of the meeting, the Semiconductor Industry Association said it’s “an important opportunity for a discussion on the need to fund investments in domestic semiconductor manufacturing and research to help ensure the long-term strength and resilience of America’s semiconductor supply chain.”
Chips SMH,
The Biden’s administration’s actions in response to the shortage have included producing a February executive order that aims for reviews of supply chains for semiconductors and other critical goods, along with calling for $50 billion for the chip industry in the president’s $2.3 trillion infrastructure plan.
Opinion: The U.S. must put the vital semiconductor industry above Wall Street’s interests
U.S. stocks SPX,
