Intel, TSMC, Apple, Microsoft, Samsung Electronics and Ford are among the top chipmakers at the US government's annual chip summit, held Monday, in an effort to find a solution to the chip shortage.


The meeting, which the Commerce Department announced earlier this month, will be hosted by Commerce Secretary Raymond Mondo and National Economic Council Director Thomas Diess, and will include topics such as the impact of the Delta strain of COVID-19 on chip supply and how to promote cooperation between the chip industry and customers. The White House previously said the participants would include producers, customers and industry groups.

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According to Reuters, this is the third time the White House has held a chip industry summit. U.S. President Joe Biden met with major business executives in April and offered to support the chip industry. In May, Raimondo said he met with more than 30 senior industry leaders to discuss the chip shortage.


While Intel and TSMC have announced plans to build new plants in the U.S. to ramp up chip production, it will be years before the new plants are fully operational. Meanwhile, legislation in the U.S. congress is pending that would provide the chip industry with funds to help expand or build new plants.


Chip shortages have forced the world's top carmakers to cut production as the car market recovers. The auto industry has been hardest hit by a continuing global chip shortage. It estimates the global auto industry will lose $210 billion in revenue this year, double its previous estimate.


Global auto production will fall 7.7 million units this year because of the chip crisis, nearly double the 3.9 million units the firm previously forecast, according to a new forecast from AlixPartners. Despite ongoing efforts to shore up supply chains, chip supplies have deteriorated as automakers run out of inventory and other industries run out of spare parts.

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The auto industry has warned that a chip shortage could hit third-quarter earnings. Key supply centers in Southeast Asia have been shut down by the COVID-19 outbreak, and it now takes 21 weeks for chips to be placed and delivered, and auto industry executives say the shortage could last for years.