Executives at the company cited lower demand for PC components and rising inflation as primary reasons for the decline.
supporting the bill, President Joe Biden said the spending will strengthen domestic semiconductor production and eventually aid in lowering prices for everyday goods.
“The CHIPS and Science Act is exactly what we need to be doing to grow our economy right now,” Biden said. “By making more semiconductors in the United States, this bill will increase domestic manufacturing and lower costs for families. And, it will strengthen our national security by making us less dependent on foreign sources of semiconductors.”US chip companies like AMD or Nvidia
, as the company also manufactures its own chips rather than relying on outside help from companies like TSMC. Despite losing half a billion dollars in a matter of months, Gelsinger remained optimistic about the increased demand for chips around the corner. “As we look beyond the near term, the semiconductor industry continues to be at the beginning of a new structural growth phase driven by four superpowers: ubiquitous compute, pervasive connectivity, cloud-to-edge infrastructure and AI,” Gelsinger said. “What remains very clear, even during this period of uncertainty, is the growing importance of silicon to the global economy and to each of our daily lives.
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