According to Bloomberg, new US President Joe Biden is planning several “aggressive moves” to reduce the global semiconductor shortage. The US President will sign an executive order in the coming weeks to conduct a nationwide inspection of the supply chain for critical goods, with a chip shortage at the center of the investigation. The new administration is said to be prioritizing “identifying bottlenecks in supply chains” to reduce the current deficit.
Another aspect that the US administration is focusing on is creating new incentives that will encourage chipmakers to open their foundries in the United States. All leading representatives of the chip industry, including Intel and Qualcomm, have called on the US government to fund such initiatives.
Since January this year, the global technology industry has been plagued by an unprecedented shortage of semiconductor products. It has been argued that the deficit is related to the actions of former US President Donald Trump against Chinese companies, in particular SMIC.
The automotive industry has been hit hard, with some companies being forced to close their assembly lines. Apart from the automotive sector, this also affects the gaming industry. Sony has confirmed that due to a lack of components, it cannot provide enough Sony PlayStation 5 consoles. The supply of iPhone 12 is also expected to decrease.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
