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helps control stress and emotional eating and losing weight. go to golo.com and see how golo can change your life. that's golo.com. ♪ ♪ emily: welcome to a special edition of "bloomberg technology." chip crunch. a deep dive into the global semiconductor shortage as well as a search for solutions. i'm emily chang from san francisco. this hour, we will hear from key players in this sprawling businesslike micron's ceo, globalfoundries' ceo, and the man in charge of amazon's processors.
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but first, the problem. the covid-19 pandemic last year spurred suppliers to cut production, not foreseeing a surge in demand from consumers for everything from consumer electronics to cars. as a result, that put manufacturers and whole industries in a lurch. >> covid caused everyone to step back from capacity and buildout the supply chain of the industry. it induced a radical change in demand. now there is a meaningful shortage. >> this last year has been difficult to deal with. nobody knew which direction demand was going to go in and we saw some real sharp moves in different industries. >> our ability to meet demand is outpaced by supply availability and everything is short. there is not a single industry that has not been affected by the semiconductor shortage. from automotive to iot to home. emily: here to break down what is driving the shortage that has thrown the global economy into
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crisis, bloomberg's ian king, who has covered the chip industry for two decades. how did it get this bad? ian: as some of your guests explained in those clips, last year, it looked like the global economy was going really badly. all the chipmakers were getting forecasts from their customers saying, "things are really bad. not sure we need that much," and it turned out demand was considerably stronger, and here we are now where demand is really strong, and the chipmakers have not prepared for this surge, for this snapback. emily: we have seen this movie before. it is not like this is the first chip shortage in history, but how is this time different? ian: it is different because we have this short-term trend where, if you build a car, it takes you a week, you build a smartphone, it takes about a day, but if you build a chip, it
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is three months or 18 months to build a factory before you get any supply, so there has always been this fundamental disconnect between the supply and demand trend. what has gone on this year's we have seen an unusual situation of some extreme, weak forecasting and an inability to meet that with short-term supply increases, and on top of that, and i think some of your guests later will tell you the same thing, the chip industry is arguing things have never been like this before, we are seeing an unprecedented spread in the use of chips. everything from your washing machine to your car to all of these new areas to these massive data sensors that are part of everybody's lives now. this long-term trend is coming on the back of this short-term spike. emily: right. everything from cars to phones, appliances, home networking gear. there's also concern china started stockpiling chips at the height of the trade war during the trump years. how big a problem has that been? has that exacerbated the situation?
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ian: on top of everything we just discussed, as you indicated, geopolitics has become an issue for the chip industry like never before. it is one of the most widely distributed industries in the world. most chips are bought in the u.s. and produced in asia, which has never really been a problem before, but now, the largest market for semiconductors, china, which takes more than half of the industry's sales, suddenly the tension between where those chips are designed and where they end up has absolutely complicated things. we had huawei banned from using american technology, so it is natural companies in that country will be stocking up, wondering where the next chip is coming from. emily: all right, ian king, who has been covering the industry for so long. we will continue to follow your reporting. meantime, when micron gave its second-quarter earnings report, it told the story from two distinct perspectives. its nand memory chips that serve
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the data storage markets, and chips that are widely used in laptops and other computing devices. the dram supply will fall short of demand this year, which means prices will increase. in contrast, micron says the supply of nand flash will surpass demand. we have micron's ceo. interesting tale or two cities. talk about dram. how hard is it for you to meet demand when it comes to supply? >> hello, emily. good to be on your show today. dram accounts for more than 70% of micron's business. we announced during the time of announced during the time of the pandemic, we developed and just a few weeks ago, we announced our alpha dram technology nodes,
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the most advanced by any supplier in the world. micron during the pandemic has been working hard on positioning itself to emerge stronger as the industry leader on dram, which we are now ramping up into production and will be continuing to do so through the remainder of this year as well as next year. we actually made some capex investments that we made at the peak of the pandemic in 2020, knowing this is what will be needed in meeting growing demand. however, no question growing demand from all segments of the end market, intelligence edge and smart user devices, all of these are requiring more dram memory. yes, dram is in tight supply at this point, and we expect supply shortages to continue to be tighter through the rest of the year as well. as we look ahead at 2022 as well, we see that the world
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economies will be rebounding, and the secular demand trend -- again from data sectors to smartphones to pc's to automobiles to intelligent devices -- this trend will continue on, driving more need for dram memory. we hope this continues to bring technology nodes to continue to increase our supply to help address the growing needs in the market for dram. emily: president biden has called chip makers like yourself to a chip summit in washington next week. will you be attending that? what would you like to see from the administration that could help? sanjay: micron is a company with a very well diversified global
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trend. in the u.s., we are the only manufacturer of semiconductor memory and storage, and we engage with governments and administrations around the world where we have presence in terms of our manufacturing or sales capabilities. we engage with the governments. i am pleased to see the focus in the u.s. government on the semiconductor industry because the semiconductor industry absolutely forms the backbone of global economies today. as ian king earlier mentioned, from everything in your home to your cities to your data centers, to the devices in your pocket, you need semiconductors today, so we are pleased with the focus the administration is providing on driving research as well as manufacturing capabilities and strengthening innovation and competitiveness of the u.s. semiconductor industry. this really bodes well for the market.
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we are definitely happy to see this focus coming to the semiconductor industry. emily: micron's plants are in singapore, virginia, and japan and you have one you are selling. why sell that now when we are in the midst of a chip shortage and the u.s. government wants more manufacturing on u.s. oil? sanjay: very important to note that micron has a manufacturing plant for d.r.a.m. in manassas, virginia, and we have the world's best r&d center in boise, idaho for our d.r.a.m. and emerging memory solutions and around the world in countries like singapore, taiwan, and japan, we have deeper manufacturing capabilities as well. in memory and storage, scale is critically important. scale and cost competitiveness is a critical key factor here.
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our lehi factory was dedicated not dedicated to nand or d.r.a.m. manufacturing, but crosspoint technology, which for various reasons, we have decided to cease the development of because the return on investment given the limited market opportunity really did not justify ongoing investments in that technology. however, that plant in lehi, utah has a strong team, tremendous capability, and fits in well with other potential barters for analog or for foundry services. we are engaged in dialogue with the plant. emily: speaking of dialogue, you have the china issue as well. the u.s. needs the china market. china needs u.s. chips, but there has been stockpiling issues, trade tensions. do you think the relationship can get back to where it was
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pre-trump? do you think biden will soften his stance, or do you think this gives china impetus to make more of its own chips? sanjay: for the u.s. semiconductor industry, china is an important market. the china market absolutely provides the benefit of scale that i was referring to, which is important to semiconductors and certainly important to memory and storage. we are partnered with several customers in china as well. for the u.s. some conductor industry to have global competitiveness and not be deprived of opportunities by other foreign competitors, it is important for us to be able to continue to compete in the china market, of course while watching for national security interests. i do believe that it behooves the u.s. and china to immediately resolve the matters that are important so innovation
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can flourish across national geographies, across national boundaries, on a level playing field with matters related to i.t. protection, as well as market as well. emily: last question, quickly, about oversupply. obviously, you are seeing this in the nand business. i wonder if you will see the pendulum swing the other way once the shortage is over. will there be an oversupply? quickly. sanjay: last week we noted we have seen early signs of stabilizing in pricing in the nand industry. to restore the health of the nand, some prudent capex management is necessary so that so supply base growth does not
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outrun the demand growth int he -- in the nand industry. absolutely focusing on driving our supply growth, keeping in mind long-term demand expectations as well. nand is critically important for maintaining both the nand and d.r.a.m. industries. emily: thanks so much for joining us. we will be watching to see if you are at that summit next week at the white house. our sources telling us you will be there. we will be following that. coming up, the view from the chip giants. we hear from the chief executive's of intel, qualcomm, and arm, as well as ibm. when they think things will level out in the impact of u.s.-china tensions. you are watching "bloomberg technology." ♪
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emily: welcome back to a special edition of "bloomberg technology." chip leadtime, the gap between ordering a chip and delivery increased to 16 weeks in march. it has shield little bowl -- has geopolitical tensions between the u.s. and china on everyone's mind. >> you are talking about companies having to invest tens of billions of dollars in capex, in equipment, so it is in equation you have to get right. the industry has had too much supply, chip prices plummet, and it reduces investment in r&d.
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i think over the years the industry has done better at analyzing supply and demand and has generally gotten better at investing at the right pace. >> we are still growing as a company, but as we have said on the last earnings call, our ability to meet demand is outpaced by supply availability, and everything is short. there is not a single industry that has not been impacted by the semiconductor shortage from automotive to homes, and it's just because of all those different trends that accelerated consumption of semiconductors that we saw during the pandemic. we have line of sight that demand and supply will align by the end of this calendar year. >> whenever you get a constraint in the supply chain, you find that the source of the manufacturing is down to one or two regions, this is going to last a few years, not months or weeks, so we should be clear about the impact.
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it is going to last that long. then you say you want to solve it. we are working together with intel because we do believe that there should be alternate sources of fabrication, and we do believe there should be competitive advantages in the more advanced nodes. >> there's very few companies that can step into advanced semiconductor technology, something we have only used for internal needs at scale before, but now we are saying we are going to open our doors wide for the industry. with that in mind, customers are looking and saying i only have tsmc, samsung, and intel as the leading choices, and only one of those is western, u.s., and european soil at scale? i need a more balanced supply chain. i want to have at least two suppliers of my advanced technology choices, and intel is saying, "we are going to be that." the world needs more
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semiconductors. the world needs a more balanced supply chain. we are one of the few companies that can step in to do that. >> our business in china remains strong. many licensees are adopting technology from us. the business day today is continuing well. >> despite the tension, our business with china has been growing at an incredible rate. i think we are very privileged, our position. we resolved our license with huawei and we are growing. i'm optimistic that for areas like in the technology sector, like we are, in 5g, we play a very important role for growth in the united states as well as for companies in china. >> we need to be at scale across the business, but we do think it takes a couple of years to build this out. designs take time to be committed to a new process and tests and ramping in
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manufacturing, but we are underway. we already have some existing foundry customers at small scale that will start ramping rapidly, so this business will get under way. we estimated the overall foundry market at $120 billion by 2035 and we will earnestly pursue a meaningful portion of that. >> building is not something you throw up overnight. it takes a lot of time and a lot of investment. over the last number of years, the manufacturing industry really has invested a lot of capex in building up capacity. the last year has been very difficult to deal with. nobody knew which direction demand was going to go in. we saw sharp moves in different industries. it will right itself. there will be more investment in more capacity, and ultimately we will get back to a position where supply and demand are better matched. emily: we will hear more from those ceo's later in the show. also coming up, what wall street is saying about semis.
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we are going to talk to a long time chip analyst. as we head to break, industry watchers with recent notes on chip demand and supply into the future. you're watching "bloomberg technology." ♪
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emily: welcome back. you are watching a special episode of "bloomberg technology." i'm emily chang. from cars to home appliances to smartphones, the global chip shortage is having a ripple effect. bloomberg's ed ludlow reports. ed: semiconductors, or chips, are essential components in things we use every day. they are made from the material that gave silicon valley its name and handles everything from simple functions like
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translating the press of a button into an electronic signal. think of them as the brain of a device. so what happened? when the pandemic shut down car factories in march, automakers expected less orders for passenger vehicles. in turn, cut their orders for chips. at the same time, working from home and 5g drove demand for laptops, smartphones, cloud services and data centers. those industries increased their orders for semiconductors. that caused chipmakers to switch production to those areas rather than pile up chips they could not sell. but what both car and computer companies did not expect was a quick rebound in demand for their products. here lies the problem. there is now not enough supply to meet demand. building chip factories takes years and costs billions of dollars. >> the answer in the near term is nothing can be done in a grand way that can increase supply. supply expansion takes time, takes addition of new factories
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, addition of new capacity. ed: how bad could it get? chip shortages are expected to wipe out $61 billion of sales for automakers alone. big chipmakers like qualcomm and infineon say the auto industry is not the only sector to get hurt. game console makers say things will get worse before they get better, potentially impacting holiday sales. president biden has signed an executive order to look into why the u.s. is reliant on overseas manufacturers, like tsmc and south korea samsung. >> companies such as nvidia, all of these companies don't have factories of their own and rely on third-party manufacturers and over the last decade or so have become extremely reliant. ed: how long before supply leaks ds up with demand? it is a guessing game. some analysts say we will not see signs of a turnaround until the second half of the year.
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emily: could we see a turnaround in the second half of the year? a full recovery in a few years? the outlook is mixed, but one thing is for sure, the demand for semiconductors is soaring and one industry being hit hard by the shortage is autos, with plants being idle while they wait for that one thing, chips. >> all it takes is one chip to prevent you from manufacturing an automobile or shipping a computer. what i'm seeing and talking to both as suppliers and customers is it is a cycle that is going to go into next calendar year. >> the home is everything now and people want all of the digital capability in the home, which means the demand for chips is through the roof. i don't think the manufacturers know the end of the story. >> it is a serious topic. the whole industry is affected. the capacity is too low for all players like automotive industry and consumer electronics.
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>> an industry which was increasing last year and the second quarter with all of the lockdowns that happened in home office supplies, that is where the automotive industry was in a standstill. that is where the automotive industry is in catch-up mode. >> we are keenly watching the development of the chip and battery supply chain. so far, it has not impacted us. we also have not seen that impact in our forecast for the first quarter. >> we're working every single day with a cross functional team to look for opportunities of how do we minimize the impact? we will continue to do that. it is a year of execution. the issues with chips, this is a short-term remission and we will work through it. >> once you get these chips, you have to decide. you can look at your profit margins, and put them into the vehicles where you have the best margins and the tightest supply. it will be chaotic and challenging, but i think we can navigate through it, still being able to hit our retail targets
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for this year. emily: joining me for a closer look at how the silicon shortage is affecting the globe, we are joined by bloomberg and court -- anchor caroline hyde and our editor, peter elster. i want to look at europe. we heard from a number of carmakers there. how is the shortage impacting them across the region? who is getting hurt the most? caroline: the automakers specifically. a number coming out, some of the truck makers, volvo for example saying they have substantial impacts in terms of the supply chain being hit. we have the likes of voltswagen, you were hearing from the u.s. head, but they have had to idle manufacturing in portugal. they have had plenty of knock on effects in terms of their u.s. production capacity. certainly the automakers. you also have another in the string of people speaking, an auto parts supplier. they are lobbying the likes of the government, asking taiwan 's government, not just its own german government.
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there are winners. we have chipmakers. they are doing well. the likes of nxp doing well. notably, the chip equipment makers. asml, the biggest customer is tsmc. when tsmc says it will spend $100 billion more on beefing up its own capacity, they are going to win out by it. emily: tsmc, the dominant foundry and based in taiwan. we will talk to peter about that shortly. let's talk about the eu's plan. they have a plan. what is the plan and will it work? caroline: there is a plan, perhaps not much detail on how they enact the plan. they have the so-called digital compass they have come up with. big and bold, as politics tends to be. 2030, they want to be doubling down on the most efficient chips. they say they want to be making about 20%, 1/5 of all of the value coming out of the chip sector. they have got some chipmakers here.
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but really, there are questions coming from the local executives as to whether the demand is there for the high-end, high-level chips. we make a lot of autos in europe. but i am not seeing many phone makers, not a lot of consumer electronic makers. is the demand there, particularly if you are going to have a lot of subsidies to make this a real financial commitment? question marks from the sector itself and from tsmc. emily: absolutely. let's talk about that. bloomberg's caroline hyde in london, thank you for the view from europe. let's get to asia, we are joined by peter elstrom, our executive editor for tech coverage in asia. tsmc said during this crisis it will spend more than $100 billion over the next three years to expand its chipmaking abilities. is it a problem that tsmc dominates the foundry business so much? does that somehow exacerbate the shortage that others are feeling? peter: it is a good question.
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it is certainly a bottleneck. they have invested so much money over the years to take this place as the premier foundry where they do these customized chips for companies like apple and nvidia, and many others. right now, they are spending a ton of money to be able to catch up with the surging demand. it is not a challenge for them. they have had investments. it is a challenge if you are sitting in europe, as caroline was talking about, or the u.s., and you are concerned about whether your company will be able to get enough chips. these efforts you see in the u.s. and europe to build more domestic capacity, it will take too long to address this particular shortage in the chip industry, but they are thinking long-term in these places and are using this as an opportunity to get money for investments that they have wanted to make for a long time. emily: it is not just the eu, but the u.s. and china that are trying to build more domestic
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capacity. how does geopolitics factor into the situation? peter: it is a very big question. we are seeing that right now, not just because of the chip shortage, but because of the tensions between the u.s. and china. the u.s. has cut off a few key companies in china. huawei is probably the most notable, where they have said we will not send you the cutting edge chips you need to build smartphones. that has motivated the chinese government to double down on this effort that they have been trying to execute to build their own domestic chip industry. they are far behind. they don't have the capabilities of tsmc. they don't have the capabilities of a samsung or intel at this point. but they feel like this is a key sign that they need to build their own domestic chip industry. they will do it slowly, methodically. we saw in the latest five-year plan that they will dedicate billions of dollars doing this. they are more determined than ever because they have seen how vulnerable they are when it comes to something like the u.s. cutting off huawei and a few other companies there.
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emily: bloomberg's peter elstrom in tokyo. thanks so much for the view of your side of the world. coming up, tech giants apple, google, microsoft and amazon are getting into the chip design and manufacturing business. we will talk to amazon vice president dave brown about the company's own efforts to make chips as its massive cloud business expands. it is also happening at apple, google, microsoft, and more. that's next. this is bloomberg. ♪
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emily: welcome back to a "bloomberg technology" special, chip crunch. as amazon has transformed to a cloud computing giant, it stands as one of the world's largest chip purchasers. those chips are used to power
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data centers, and as aws continues to expand, it is increasingly looking for opportunities to design its own chips instead of buying them. it is part of a larger trend by other companies like apple, google, and microsoft, and it is seen as a major threat to traditional chipmakers like intel. joining us now to discuss, david brown, vice president at amazon elastic compute cloud. he leads all products that contain aws design processors. thank you for joining us. chip design is a massive investment for you. then it is a process of getting it manufactured. why is amazon doing this? david: thanks, it is great to be here today. it is great to be here. our focus on customers. it is customer obsession that is driving us. what customers are looking for higher performance and lower-cost. when we looked at the chip space, over the last couple of years, since the early 2000's, we have only seen about a 10% to 15% improvement in performance in the chip space.
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a lot less than what customers had in the 90's. we thought, given our investment in infrastructure already as a cloud provider, there was a lot we could do there. we focus on how do we build the most advanced, fastest cpu for our customers? we did that with our server chip which is allowing customers to improve their performance by about 40% at a 20% reduction in cost. you know how important performance and cost reduction are for customers. bringing that to aws has allowed customers to bring in workloads and be able to do more at a lower cost. emily: you are not just making chips for servers, but also, as i understand it, voice recognition, graphics, ai, machine learning. and as you said, you have proven that you are good at it. does that mean that alexa and our kindles will have amazon designed chips as well? david: likely over time, absolutely. we started our journey back in 2010.
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this is not just something we have been doing recently. it is something we realized we had to do as a cloud provider in the early days of aws. we purchased a chip manufacturing company back in 2014. they have built no fewer than 11 different chips for us today. that is a server chip, we have chips in the machine learning space that are coming out. it is very likely that you will continue to see us innovate in the space. as long as it makes sense for our customers, which is what we are always looking at. how we improve our customer experience, that drives us. emily: google and microsoft are also making their own chips and also have big cloud businesses. how do you think your efforts compare to theirs or how do you think your efforts give you an advantage over what they are doing? david: we are trying not to focus too much on what our competitors are doing, but stay focused on what customers are saying. we have been early to the arm game. we started in 2010. we worked closely with arm over
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the last number of years. we put out our first chip in 2018 and sparked an ecosystem. we signaled to the market and on server chip was available in the cloud. we have seen customers like snap with the snapchat application, and even our own alexa start using the custom silicon. it has gone from small startups to large enterprises. we've seen customers like twitter even decide to choose aws as their primary cloud provider, because the goal of moving more and more workloads to a.r.m. it is available today on aws. we are going to continue an invading in the space with -- innovating in the space with the muscle we have built internally. emily: clearly this is more than just a side hustle or a hobby. do you think this is something you could turn into an external business and sell amazon designed chips to other companies? david: right now, we are focused on what chips do we have to bring into our cloud
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environment? we have the ability to put some of the chips into customer data centers as well, where we can bring in aws to you. over time, it is interesting to see where it will go. it is difficult to know where we will be in five years time or how innovation will take us or what customer demand will be. i would not say no to that question, but it is not something we are currently planning. emily: your ceo jeff bezos weighed in positively on president biden's infrastructure plan. there is this big chip summit happening in washington next week. if there is one thing the administration could do that you believe would help the industry, what would that be? david: i think there is a lot of focus right now in supply chain and making sure we have enough chips. on the amazon side, we have been innovating in our supply chain, it is in the dna of what amazon does. making sure there is enough chips available for demand is critically important. we are very confident in where we are from a supply chain point
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of view at this point in time. we have been able to withstand things like we had in covid with incredible demand on cloud capacity, but also making sure we have the necessary supply, and whatever we could do would be critical for everyone involved. emily: dave brown, vice president at amazon, thank you for joining us. really interesting to hear more about the work you are doing and work to come. still ahead, we will speak to the ceo of global foundry, who will be attending president biden's chip summit next week. his thoughts on the competition with tsmc and samsung and when the chip shortage will be over. this is "bloomberg technology: chip crunch." ♪
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emily: welcome back to a special bloomberg technology: chip crunch. when it comes to the foundry business, the business of making chips for other companies, manufacturers in taiwan and
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south korea dominate. tsmc and samsung leading the charge. in the u.s., global foundries says it is committed to expanding production in the u.s., europe, and singapore. joining us for more, global foundry's ceo, thomas caulfield. thank you so much for joining us. i would love to hear what it is like from your vantage point. how hard is it to keep up with demand? thomas: thank you for having me here today. i think how we got ourselves in this position, this big shortage is a journey that started a few years ago with the advent of the smartphone. we started this, that a compete -- compute industry, one that went to the smallest transistors, to do compute function only, started to evolve to, wow, look at all of the features we can put in devices. we can put a touchscreen, we can put secure transactions a
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so we can do pay remotely from the cash register, we can put audio chips, we can use our phone to take pictures. we have a touchscreen that is easier to manipulate features on the phone. we have a power management chip to make the battery last longer. all of a sudden, this industry went from a compute centric mindset to pervasive deployment of semiconductors. that is where gf plays. all of those functions are described is where we make chips for our customers. we make them worldwide. what happened was the beginning of that journey 15 years ago from a compute centric industry to a pervasive compute became accelerated. the unfortunate pandemic of 2020 really had technology adoption that normally would take a decade, happened essentially in a year. not only are more devices being sold, more content of semi conductors going into devices. we entered the pandemic thinking
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they do straight had a 5% growth, where today we are looking at a 9% growth. you heard earlier in your program, putting capacity on is not something you can just do in a week. the minute you say go, and i'm going to order equipment, a company like gf, it is probably a year out before we can produce the wafers, not even the final product for customers. we have to buy the equipment, install it, and begin production. this shortage is going to be with us well into 2022. i don't think the demand is perishable. i think it stays. emily: you will be attending the chip summit at the white house. what is the one thing you would like president biden to do? thomas: i've seen all of the reporting as well on the plans of this meeting. i don't have any specifics on the meeting. there is a tremendous amount of energy and interest in the semiconductors in washington. as a key player in the u.s. and globally, gf is included in these discussions. our job is to provide
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constructive input, perspective, what are the types of industrial policies that can help the u.s. achieve its objectives? i think the important thing now is let's get the chips bill funded so we can accelerate manufacturing capacity in the u.s. emily: let's talk about that. tsmc is the biggest player in the foundry market, then it is samsung, and you are of course a big player in the united states. do you believe that is problematic, especially when it comes to u.s. and china competitiveness and the speculation that china has been stockpiling chips through the trade war? thomas: i think -- what are we trying to solve here? the u.s. has led the semiconductor industry since the beginning. the u.s. invented the transistor. if you look at this half $1 trillion semiconductor industry we all participate in, about 50% of that industry is supported by u.s. headquartered companies,
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but only 12% is manufactured in the u.s. this is what is creating that issue, supply chain security, national security, and even economics. semiconductors are at the heart of a $91 trillion world economy. all regions of the world, china, europe, want to make sure we have the capability to build semiconductors. the u.s. is now adjusting industrial policy so they can make the investments other regions of the world have made in partnership with business to create more manufacturing in the u.s. emily: we are all waiting, last quick question, for global foundries to go public. wouldn't now be a good time when there is all of the surge in demand? are you accelerating your timeline? could we see it this year? thomas: for us, it has always been about going to the public markets when we hit certain financial and performance
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targets, to make sure we capture the true value of this enterprise. that is a discussion that has always been sometime in 2022. we always view our strategic alternatives. for us right now, we are laser focused on continuing to get as much out of the capacity we have on the ground now and investing as fast as we can to increase this capacity so we can help do our part in getting the supply demand better aligned. emily: all right. global foundry ceo thomas caulfield, we will be following you through the year and into the next, and your path to ipo. thanks so much for joining us. that does it for this edition of "bloomberg technology: chip crunch." we will continue to cover the chip crisis as it unfolds. we will be watching the summit at the white house next week. another note, my latest studio 1.0 featuring melinda gates. she is the cochair of the bill and melinda gates foundation , which just gave $1.75 billion to fight the global pandemic. she will talk about the future of women, she is worried about women backsliding post pandemic. you can catch that conversation
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coming up on bloomberg television. i'm emily chang. this is bloomberg. ♪
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>> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> the following is a paid presentation furnished by rare collectibles llc. >> in 1792, as a way to declare to the world that the united states of america was now an independent

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