Intel Chief Pushes Chips Act; Stock Down Post-Q4
Intel is “very excited” about Tuesday's introduction of HR-4521 (see 2201260062), House Democrats’ proposed companion to the Senate-passed U.S. Innovation and Competition Act (S-1260), said CEO Pat Gelsinger on a Q4 call Wednesday. President Joe Biden and members of his…
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administration “have been clear on the importance of this transformational investment,” said Gelsinger. “It's encouraging to see the strong bipartisan and bicameral support as we continue to work together to address the long-term impacts of the semiconductor shortage, restore U.S. leadership in this critical industry and rebalance the global supply chain.” Gelsinger joined Biden last week to appeal for enactment (see 2201210085). The CEO spoke with Speaker Nancy Pelosi, D-Calif., “at length on this subject" Tuesday, he said. He expects HR-4521 “will be debated on the floor next week, and hopefully, following what we expect will be passage in the House, a reconciliation process” with S-1260. Unprecedented chip demand “continues to be tempered by supply chain constraints,” said Gelsinger: IoT and data centers were affected. Intel shares closed 7% lower Thursday at $48.05.