Intel CEO to attend White House meeting on chip supply chain

Intel Corp[INTC] Chief Executive Officer Pat Gelsinger will virtually attend a meeting being put together by President Joe Biden’s administration for April 12 to discuss the semiconductor supply chain issues disrupting U.S. automotive factories, according to a person familiar with the matter.

Reuters previously reported the meeting will include Biden’s national security adviser, Jake Sullivan, and a top economic aide, Brian Deese, as well as chipmakers and automakers.

Gelsinger last month said Intel will spend $20 billion to build two new chip factories in Arizona.

A chip shortage has been disrupting U.S. automobile production since late last year.

Ford Motor Co[F] , which has had to cut production of its best-selling F-150 because of the shortage, last week said that it will provide investors an update on the hit to its operating profit on April 28. The U.S. automaker previously said its operating profit this year would be reduced by $1 billion to $2.5 billion. The update to that forecast will be provided when Ford reports first-quarter results on April 28.

The Biden administration last week called for $50 billion in funding to support the U.S. chip industry as part of the administration’s $2 trillion infrastructure plan. In February, the administration ordered a review of the semiconductor supply chain to find gaps in U.S. manufacturing capabilities.

Source: Reuters