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White House to Hold Chip Summit April 12: Report

Economic and national security officials to meet with industry leaders over ongoing impact of computer chip shortages.
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White House national security and economic officials will meet with semiconductor makers and auto company representatives later this month to discuss the impact ongoing computer chip shortages are having on the U.S., according to a published report Thursday.

The shortages have been affecting the U.S. auto industry in particular, with many manufacturers imposing production halts due to the unavailability of chips used in cars and trucks. 

Ford Motor Co.  (F) - Get Ford Motor Company Report said this week that its F-150 production lines in Dearborn, Mich. And Kansas City would close  temporarily next week because of the lack of chips.

The White House meeting is slated for April 12 and will include representatives of Samsung Electronics, General Motors  (GM) - Get General Motors Company Report an GlobalFoundries Inc., Bloomberg reported, citing people familiar with plans.

The COVID-19 pandemic has helped drive a surge in demand for computers, appliances and networking equipment as millions of employees and students began working and studying at home.

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Much of the production capacity for in-demand chips is concentrated with Samsung and Taiwan Semiconductor  (TSM) - Get Taiwan Semiconductor Manufacturing Company Ltd. Report, the world’s biggest semiconductor maker, the report noted.

Last month Intel Corp.  (INTC) - Get Intel Corporation Report said it would build two new chip factories in Arizona, as the once dominant chipmaker tries to regain momentum and favor in the U.S.

Shares of chipmakers including Micron Technology  (MU) - Get Micron Technology Inc. Report rose Thursday after Taiwan Semiconductor said it plans to spend $100 billion over the next three years to expand its chip fabrication capacity.

Shares of Ford fell 8 cents, or 0.7%, to end at  $12.17.

Shares of Intel rose 55 cents, or 0.9%, to $64.55.