Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, on Monday took part in a virtual White House summit about a global semiconductor shortage and Washington’s plans to strengthen US supply chains.
The Hsinchu-based company was among 19 firms, including fellow chipmakers Samsung Electronics Co, GlobalFoundries Inc and Intel Corp, that attended the summit hosted by US National Security Adviser Jake Sullivan, US National Economic Council Director Brian Deese and US Secretary of Commerce Gina Raimondo.
US President Joe Biden told executives in the meeting that there is bipartisan support in the US Congress for efforts to strengthen the US semiconductor industry to better protect the manufacturers that rely on it.
Photo: EPA-EFE
Earlier in the day, Biden said that he had received a letter from a bipartisan group of 23 US senators and 42 US representatives, urging passage of the Creating Helpful Incentives for Producing Semiconductors for America Act, a proposed US$50 billion investment in semiconductor manufacturing and research.
Biden said that companies that make and use semiconductors, as well as US consumers, would benefit from a US$2 trillion infrastructure plan that he has put before lawmakers.
“These chips, these wafers ... batteries, broadband — it’s all infrastructure. We need to build the infrastructure of today, not repair the one of yesterday,” Biden said, adding that his plan would “protect our supply chains and revitalize American manufacturing.”
Intel chief executive officer Pat Gelsinger said in an interview after the meeting that the White House and Congress are working aggressively to support the semiconductor industry with more domestic manufacturing, research and development, and efforts to build the workforce.
TSMC also voiced its support. The contract chipmaker, which plays a central role in manufacturing most of the world’s most advanced semiconductors, has secured US government incentives to begin building a US$12 billion advanced chip plant in Phoenix, Arizona, this year.
TSMC chairman Mark Liu (劉德音) issued a statement after the meeting that highlighted his company’s investments in the US, but did not directly address what was discussed.
TSMC’s planned US$12 billion investment constitutes one of the US’ largest overseas investment plans in the past few years, Liu said, adding that he was confident the project would succeed with continued bipartisan support from Washington.
Monday’s meeting took place amid a shortage of computer chips that has hampered the global economic recovery from COVID-19, and prompted Biden in February to order a comprehensive review of US supply chains.
US automakers General Motors Co and Ford Motor Co, both of which attended the meeting, have had to announce production cuts and temporary plant closures in the past few weeks amid difficulties sourcing automotive chips.
Many major auto manufacturers cut their chip orders last year due to plunging demand caused by the COVID-19 pandemic.
Because those openings in chipmakers’ production schedules were later filled by orders from other industries, the automakers are now struggling to keep up with rising consumer demand.
However, the White House said that the summit was not intended to provide immediate solutions, but rather to consult with stakeholders on how the issue could be better addressed going forward.
Additional reporting by Bloomberg
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
‘IMMENSE SWAY’: The top 50 companies, based on market cap, shape everything from technology to consumer trends, advisory firm Visual Capitalist said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was ranked the 10th-most valuable company globally this year, market information advisory firm Visual Capitalist said. TSMC sat on a market cap of about US$915 billion as of Monday last week, making it the 10th-most valuable company in the world and No. 1 in Asia, the publisher said in its “50 Most Valuable Companies in the World” list. Visual Capitalist described TSMC as the world’s largest dedicated semiconductor foundry operator that rolls out chips for major tech names such as US consumer electronics brand Apple Inc, and artificial intelligence (AI) chip designers Nvidia Corp and Advanced
Saudi Arabian Oil Co (Aramco), the Saudi state-owned oil giant, yesterday posted first-quarter profits of US$26 billion, down 4.6 percent from the prior year as falling global oil prices undermine the kingdom’s multitrillion-dollar development plans. Aramco had revenues of US$108.1 billion over the quarter, the company reported in a filing on Riyadh’s Tadawul stock exchange. The company saw US$107.2 billion in revenues and profits of US$27.2 billion for the same period last year. Saudi Arabia has promised to invest US$600 billion in the US over the course of US President Donald Trump’s second term. Trump, who is set to touch
SKEPTICAL: An economist said it is possible US and Chinese officials would walk away from the meeting saying talks were productive, without reducing tariffs at all US President Donald Trump hailed a “total reset” in US-China trade relations, ahead of a second day of talks yesterday between top officials from Washington and Beijing aimed at de-escalating trade tensions sparked by his aggressive tariff rollout. In a Truth Social post early yesterday, Trump praised the “very good” discussions and deemed them “a total reset negotiated in a friendly, but constructive, manner.” The second day of closed-door meetings between US Secretary of the Treasury Scott Bessent, US Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng (何立峰) were due to restart yesterday morning, said a person familiar
RSS