White House convenes CEO summit on semiconductor shortage

The White House will hold a virtual summit with leading CEOs on Monday to discuss the global semiconductor shortage that has crimped automakers and electronics companies, officials announced Friday.

Executives from General Motors, Intel, Northrup Grumman and Alphabet/Google will attend, according to a White House pool report that listed 19 big companies. The session will focus on "steps to strengthen the resilience of American supply chains for semiconductors and other key areas," the White House said.

Hosting the event will be Commerce Secretary Gina Raimondo, National Economic Council Director Brian Deese and National Security Advisor Jake Sullivan.

Biden administration officials also intend to make a case for the president's $2 trillion infrastructure package.

A White House handout last week on the infrastructure plan endorsed $50 billion for a new Commerce Department office to support production of critical goods and backed congressional legislation to invest another $50 billion in semiconductor manufacturing and research.

The crunch in semiconductors has badly dented US auto manufacturing, with General Motors, Ford and other carmakers temporarily shuttering some factors or reducing production.

The shortage has also raised worries throughout the personal electronics universe, generating potentially higher prices for popular gadgets like game consoles and computer tablets.