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Intel CEO urges Congress to 'act now' on domestic chip production
US in ‘precarious time’ as it pertains to chip shortage: Intel CEO
Intel CEO Patrick Gelsinger urges Congress to ‘act now’ to boost investments in semiconductor chip manufacturing amid a global shortage.
Intel CEO Patrick Gelsinger warned Wednesday that Congress "must act now" to boost semiconductor chip manufacturing amid a global shortage before it’s too late.
Gelsinger spoke with FOX Business' "Mornings with Maria" ahead of his testimony before the U.S. Senate Commerce Committee where he will make the case for $52 billion in government subsidies to boost semiconductor manufacturing. The Intel CEO will be joined by Micron CEO Sanjay Mehrotra at the hearing on Wednesday.
Intel, the world’s largest chip-maker by revenue, is among the American businesses trying to reduce their dependence on foreign chip-making dominated by China and other regions of Asia.
Chip manufacturing has been exasperated by the supply chain crisis as the world rebounds from COVID-19, causing delays in the manufacturing of everything from cars to phones to appliances.
Speaking with host Maria Bartiromo before the hearing, Gelsinger called the chip shortage "a terrible situation."
He noted that, in 1990, the U.S. supplied the world with nearly 40% of chips, and that America and Europe combined provided 80% of world supply.