Pat Gelsinger, CEO, Intel, met with Thierry Breton, European Commissioner, to deliberate the semiconductor strategy. He stated that the existing global chip shortage will persist for another couple of years.

The chipmaker will spend $3.6 billion in the next three years to combat the global chip shortage. The production will happen at an existing UMC facility in the Tainan Science Park from the Q2 of 2023.

To handle the global chip shortage, The Taiwan Semiconductor Manufacturing Co has announced that it plans to increase its plant capacity with an investment of $2.8 billion to install mature technology.