Tomorrow, which is Monday, the White House plans on holding a virtual meeting about a very important matter-the global chip shortage. One of the companies that will be attending, albeit virtually, is the top foundry on the planet, TSMC. According to CNBC, other firms attending will include Google parent Alphabet, AT&T, Intel and General Motors. After the COVID-19 outbreak began last year, chip suppliers in Asian countries, where the pandemic began, found themselves not turning out enough components to meet demand from auto makers like GM and Ford. Other companies from various industries, including those producing smartphones and tablets, are beginning to feel the effect of the chip shortage. The Biden administration is looking to investigate shortages of key supply chain materials including semiconductors, high-capacity batteries, rare earth metals, and medical supplies.

U.S. lawmakers have a concern about the security of the U.S. when it is depending on other countries to deliver cutting-edge semiconductors. The White House is concerned about gaps in domestic manufacturing and in the supply chain that are dominated by "nations that are or are likely to become unfriendly or unstable."

Back in February, Senate Majority Leader Chuck Schumer said, "semiconductor manufacturing is a dangerous weak spot in our economy and in our national security." Schumer noted that an executive order signed by President Biden during that same month was designed to check the "resiliency and capacity of the American manufacturing supply chains and defense industrial base to support national security [and] emergency preparedness."

While China is not expressly mentioned by the White House in its review of the U.S. supply chains, the concern of the administration is that the United States (both the economy and the military) is becoming more and more reliant on supplies being exported from China. Tomorrow's summit will reportedly cover the president's jobs plan and how the U.S. semiconductor supply chain can be strengthened.

The companies virtually attending the summit include Alphabet (Google), AT&T, Cummins, Dell, Ford, General Motors, Global Foundries, HP, Intel, Medtronic, Micron, Northrop Grumman, NXP, PACCAR, Piston Group, Samsung, SkyWater Technology, Stellantis, and Taiwan Semiconductor Manufacturing Company (TSMC). TSMC and Samsung are the top two contract foundries worldwide, respectively.

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