Money
Global chip shortage: chip manufacturer snubs Biden
US President Joe Biden recently called for Semiconductor chips to be produced locally in the US, but this company is ignoring his plea.
Semiconductor manufacturer ‘Global Foundries’ has ignored US President Joe Biden’s request for new plants to be built locally amid the global chip shortage.
Construction will begin on the $4 billion dollar Asian plant in 2023. This goes against the Biden administration’s wishes to return chip manufacturing to American soil.
The company will join rivals including ‘Samsung’ and ‘Taiwan Semiconductor Manufacturing Co’ which are all also trying to address the current chip shortage.
Global Foundries edges towards $30 billion
Global Foundries is also in the process of an initial public offering in the US, which could value the chip maker at $30 billion.
The company says it will devote $1 billion dollars to both its Germany and United States sites.
The company’s move to increase production in Asia has prompted further concerns from western nations about national security.
Biden funds chip-making research
It comes as the Biden administration prepares to spend $52 billion to fund chip-making and research in the US.
The President is under increasing pressure to secure a constant supply of this crucial tech that is used in so many modern devices.