Intel, Micron CEOs To Testify To US Senate On March 23

  • The CEOs of Intel Corp INTC and Micron Technology Inc MU will testify on March 23 before the U.S. Senate, Reuters reports.
  • The hearing would focus on vulnerabilities in semiconductor supply chains and the sector's connection with American competitiveness.
  • The PACCAR Inc PCAR chief will also testify at the hearing.
  • The U.S. presently accounted for 12% of the chip production versus 40% twenty years back.
  • The U.S. government had approved the $52 billion in subsidies for the semiconductor industry. The auto industry chip crisis cost $210 billion in revenue in 2021.
  • Intel looked to invest up to $100 billion in a leading chip-making complex in Ohio. Micron aimed to spend $150 billion over the next decade globally on leading-edge memory chips.
  • Price Action: INTC shares traded lower by 0.28% at $46.50 in the premarket on the last check Thursday.
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