To conduct a summit amongst industry leaders.
The Commerce Secretary Gina Raimondo will conduct a summit to address the chip crisis. Some of the invitees include, Intel, TSMC, Google, Amazon, GM and Ford.
The meeting will take place on May 20.
Intel previously announced they would be spending upwards of $20B in the US for two new fabrication units in Chandler, Arizona (outside Phoenix).
Meanwhile, TSMC, the world's largest contract chipmaker, announced in May 2020 it would build a $12 billion fab in Arizona as well.
The problem is the the new production won't be finished for a few years. However with chip demand in products only expected to increase, and the risks from overseas production from both a security and supply chain perspective, the need is there for the Biden administration to lure back production to the US from China.
