US Chip Companies Seek President Biden's Assistance To Tide Through Semiconductor Crisis: Reuters - Qualcomm (NASDAQ:QCOM), Intel (NASDAQ:INTC), Advanced Micro Devices (NASDAQ:AMD), Micron Technology (NASDAQ:MU)

A group of U.S. chip companies, including Intel Corp (NASDAQ: INTC), Qualcomm Inc (NASDAQ: QCOM), Micron Technology Inc (NASDAQ: MU), and Advanced Micro Devices Inc (NASDAQ: AMD), sent a letter to President Joe Biden requesting for grants or tax credits as part of his economic recovery and infrastructure plans, Reuters reports.
The global crisis of chips has hampered production at Ford Motor Co (NYSE: F) and General Motors Co (NYSE: GM), which could translate into an estimated loss in billions. The crisis has made it difficult it purchase popular gaming consoles like Microsoft Corp’s (NASDAQ: MSFT) Xbox and Sony Corp’s (NYSE: SNE) PlayStation.
The crisis was triggered by Donald Trump’s trade war with China, including the embargo on China’s biggest foundry Semiconductor Manufacturing International (SMIC).
As a result, the chip sourcing shifted to Taiwan and Korea to companies like Taiwan Semiconductor Mfg Co Ltd (NYSE: TSM) and Samsung Electronics Co Ltd (OTC: SSNLF).
However, the newer destinations have been unable to fulfill the burgeoning demand for chips, which was further fueled by the pandemic due to higher remote work and cloud requirements.
Recently, U.S. Senator Charles E. Schumer assured federal incentives for Samsung’s factory in New York to drive their local chip production versus China. Apple Inc’s (NASDAQ: APPL) major chip supplier TSM already disclosed plans for a $12 billion chip plant in Arizona to come online by 2024.

Market News and Data brought to you by Benzinga APIs