- The CEOs of Intel Corp (NASDAQ:INTC) and Micron Technology Inc (NASDAQ:MU) will testify on March 23 before the U.S. Senate, Reuters reports.
- The hearing would focus on vulnerabilities in semiconductor supply chains and the sector's connection with American competitiveness.
- The PACCAR Inc (NASDAQ:PCAR) chief will also testify at the hearing.
- The U.S. presently accounted for 12% of the chip production versus 40% twenty years back.
- The U.S. government had approved the $52 billion in subsidies for the semiconductor industry. The auto industry chip crisis cost $210 billion in revenue in 2021.
- Intel looked to invest up to $100 billion in a leading chip-making complex in Ohio. Micron aimed to spend $150 billion over the next decade globally on leading-edge memory chips.
- Price Action: INTC shares traded lower by 0.28% at $46.50 in the premarket on the last check Thursday.
