What you need to know
- Apple has joined Microsoft and Google in the Semiconductors in America Coalition.
- The group is backing President Biden's call for a $50 billion investment in chip manufacturing subsidies.
- The move comes as the global chip shortage continues to bite.
Apple has joined a newly-formed Semiconductors in America Coalition that is lobbying for a massive investment in chip manufacturing subsidies from the U.S. government.
Some of the world's biggest chip buyers, including Apple Inc, Microsoft Corp and Alphabet Inc's Google, are joining top chip-makers such as Intel Corp to create a new lobbying group to press for government chip manufacturing subsidies.
The newly formed Semiconductors in America Coalition, which also includes Amazon.com's Amazon Web Services, said Tuesday it has asked U.S. lawmakers to provide funding for the CHIPS for America Act, for which President Joe Biden has asked Congress to provide $50 billion.
In a letter to leaders of both houses in Congress, the group said "Robust funding of the CHIPS Act would help America build the additional capacity necessary to have more resilient supply chains to ensure critical technologies will be there when we need them."
In April it emerged that global chip shortages was beginning to impact production of products like the MacBook Air, Macbook Pro, and even Apple's iPad. Apple is still reportedly on track to release the iPhone 13 in September, however. Apple has confirmed it will lose $3-$4 billion in sales in the current quarter as a result.