Some of the world’s largest chip buyers, including Apple Inc (AAPL.O), Microsoft Corp (MSFT.O), and Alphabet Inc (togetL.O) Google, join top chip makers like Intel Corp (INTC.O) to create a new lobby group to push for government subsidies for chip manufacturing.
The newly formed Semiconductors in America Coalition, which also includes Amazon.com’s Amazon Web Services (AMZN.O), asked US lawmakers on Tuesday to provide funding for the CHIPS for America Act, for which President Joe Biden den Congress has asked $ 50 billion.
“Solid funding for the CHIPS Act would help America build the additional capacity it needs to have more resilient supply chains to ensure critical technology is available when we need it,” the group said in a letter to the company Democratic and Republican leaders in both houses of the US Congress.
A global chip shortage has hit automakers hard. Ford Motor Co (FN) said it could cut production in half in the second quarter. Continue reading