U.S. President Joe Biden vowed Monday to strengthen the resilience of U.S. supply chains for semiconductors amid a global supply shortage, pitching a $50 billion investment plan for the industry.
"China and the rest of the world is not waiting, and there's no reason why Americans should wait," Biden told a virtual CEO summit involving the technology, chip and automotive industries. "We're investing aggressively in areas like semiconductors and batteries. That's what they're doing and others; so must we."
The participants included executives not just from U.S. companies but also those from South Korea's Samsung Electronics Co. and Taiwan Semiconductor Manufacturing Co., according to the Semiconductor Industry Association (SIA), based in Washington.