The chief executive officer of Intel will join CEOs from Apple, Microsoft, Ford, and others at a White House livestream meeting Thursday to discuss the world's chip shortage.
The meeting will be presided by Commerce Secretary Gina Raimondo, who has been U.S. President Joe Biden's point person on the effort, and National Economic Council Director Brian Deese, the U.S. Department of Commerce said.
Topics will include the negative effects the Delta variant has had on global microprocessor supplies and how to better coordinate between chip manufacturers and consumers to prevent future shortages.
The global shortfall in microchips that power everything from cars to laptops has continued to deal a heavy blow on production in many sectors, and searching for medium- and long-term solutions has been a priority since Biden took office.
A shortage of microchips has forced major car companies to slash production globally following a huge drop in demand for automobiles early in the pandemic forced many semi chip manufacturers to move production to computers and other gadgets whose demand was rising.
So far this year, 7 million vehicles that were supposed to be built haven't been because of the shortage, data from IHS Markit show.
The auto industry is perhaps the one that has suffered the most with market observers expecting a $110 billion loss in revenues across the whole sector, GSMArena said.
The global chip shortfall has become worse since July when the waiting time was around 6 days shorter than it is now, a report by Susquehanna Financial Group said.
While the Biden administration has been focused on bringing production back to the U.S., officials have also been aware that manufacturing must be diversified through efforts in allied countries.
The White House meeting is the latest in a series of summits on the matter, allowing the administration to show it is taking the chip shortage seriously.
While TSMC and Intel have announced plans to accelerate chip manufacturing with new U.S.-based facilities, it takes years for new microchip plants to speed up to full production.
Representatives from Taiwan Semiconductor Manufacturing, Stellantis, Samsung Electronics, BMW, and Micron Technology are also expected to attend, the report said.