Latest News

The Wall Street Journal: Intel CEO says U.S. crackdown on chip exports to China was ‘inevitable’

0

LAGUNA BEACH, Calif. — Intel Corp.
INTC,
+0.78%

Chief Executive Pat Gelsinger said that recently imposed U.S. restrictions on semiconductor-industry exports to China were inevitable as America seeks to maintain technological leadership in competition with China.

Speaking at The Wall Street Journal’s annual Tech Live conference, Gelsinger said the restrictions, which require chip companies to obtain a license to export certain advanced artificial-intelligence and supercomputing chips as well as equipment used in advanced manufacturing, are part of a necessary shift of chip supply chains.

“I viewed this geopolitically as inevitable,” Gelsinger said. “And that’s why the rebalancing of supply chains is so critical.”

His comments Monday followed high-profile public lobbying of Congress to pass the bipartisan Chips and Science Act, which extends nearly $53 billion in subsidies for research and development and to build or expand fabs in the U.S., in July. Mr. Gelsinger was a leading advocate for the legislation.

Gelsinger has embarked on a massive expansion of chip plants, referred to as fabs. The company has announced plans to erect new facilities in Ohio, Germany and elsewhere since Gelsinger took over last year at a combined cost potentially topping $100 billion.

“Where the oil reserves are defined geopolitics for the last five decades. Where the fabs are for the next five decades is more important,” Gelsinger said Monday.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

Banks are offering 4.5% CDs — just not to regular customers.

Builders say they’re ready for this housing slowdown. ‘I’ve learned my lesson.’

Bond Report: 10-year Treasury yield ticks up to 14-year high

Previous article

The Wall Street Journal: Warner Bros. Discovery warns of as much as $4.3 billion in restructuring charges

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News