Latest News

: Intel, Micron CEOs to testify before Senate panel next week

The chief executives of Intel Corp. and Micron Technology Inc. will testify before a Senate committee next week to push for legislation to bolster the U.S. semiconductor industry.

In February, the House narrowly passed a bill designed to massively boost semiconductor production in the U.S., including $52 billion in grants and subsidies, and $45 billion to strengthen technology supply chains. In his State of the Union address earlier this month, President Joe Biden urged passage of the bill, saying America must “level the playing field with China and other competitors.”

On Wednesday, Sen. Maria Cantwell, D-Wash., chair of the Senate Committee on Commerce, Science and Transportation, announced the hearing will be held at 10 a.m. Eastern on March 23.

In addition to the subsidies, the hearing will examine “the correlation between American competitiveness and semiconductors” and “the impact of vulnerabilities in our semiconductor supply chains,” the committee said.

Intel
INTC,
+4.06%

CEO Pat Gelsinger and Micron
MU,
+8.97%

CEO Sanjay Mehrotra will testify, along with fellow CEOs Tim Archer of Lam Research
LRCX,
+6.14%

and Preston Feight of truck maker Paccar Inc.
PCAR,
+3.01%
.
Gelsinger, whose company in January announced plans to build a more than $20 billion chip plant in Ohio, attended the State of the Union as a guest of the Bidens.

The U.S. used to dominate chip production, but its share of global semiconductor manufacturing has slid from 37% in 1990 to about 12% now, the Biden administration has said.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published.

More in:Latest News