Biden to talk up semiconductor industry with Canadian, Mexican leaders
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U.S. President Joe Biden, along with the leaders of Canada and Mexico, is set to announce a series of new commitments to build up the North American semiconductor industry at a time when big-name chipmakers are starting to invest more in their domestic facilities.
Biden, Canadian Prime Minister Justin Trudeau, and Mexican President Andres Manuel Lopez Obrador, will make the chip-sector announcements at the North American Leaders' Summit in Mexico City this week. The moves are being made, in part, to secure the production of semiconductors in the wake of more than two years of supply chain disruptions that have largely come from China and other parts of Asia where the semiconductor industry has massive manufacturing plants.
According to the Wall Street Journal, the three leaders will discuss efforts to work together and coordinate supply chain operations. Companies such as Intel (NASDAQ:INTC), Micron Technology (NASDAQ:MU) and Taiwan Semiconductor (TSM) have recently announced plans for, and broken ground on a series of new facilities in the U.S. as part of the effort to broaden supply chain operations across the tech sector.
The three North American leaders will also discuss plans on environmental issues such as reducing methane emissions from solid waste and wastewater operations, and on creating a standards on the installation of electric vehicle chargers along their nation's borders.
The meeting on the semiconductor industry comes as chip stocks have started 2023 on the rise, with gains from the likes of Nvidia (NVDA) and Advanced Micro Devices (NASDAQ:AMD).