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The summit is a result of a push by Biden to revive the so-called Three Amigos, a working group ditched by his predecessor, Donald Trump. "We have to manage the challenge of unprecedented migration in our hemisphere."įollowing the summit, the White House announced agreements to develop a North American strategy to reduce methane and a pledge for all three countries to donate COVID-19 vaccines to Latin America and the Caribbean. We have to drive an inclusive economic recovery," Biden said. "We have to end the pandemic and take decisive action to curb the climate crisis. "Our North American vision for the future draws on our shared strengths," Biden said, sitting at a long table that allowed the leaders to maintain distance in keeping with COVID-19 protocols. While no major breakthroughs were announced, Biden had hoped to make headway on the thorniest challenges with America's two neighbors, including easing immigration pressures, reducing trade friction, recovering from the global pandemic and competing better with an increasingly assertive China. proposal for tax credits on U.S.-made electric vehicles, which Ottawa says violates trade agreements. The United States and Canada appeared at an impasse over a U.S. In fact, at the rate industrial technology is evolving, fresh financing should increasingly be targeted toward sectors that are beyond the leading edge, closer to the bleeding edge.But disputes over the auto industry, Biden's "Buy American" policies and a Mexican electricity bill weighed on the summit. However, if governments don’t target the areas that are truly sources of bottlenecks, or those that lag behind technologically, then it ends up being misspent. It’s worth investing for the future, no doubt. Chief Executive Officer Sanjay Mehrotra recently saying that the global semiconductor crunch is easing. In fact, chip-related companies in Asia are now striking an optimistic tone, with Micron Technology Inc. Subsidies to these makers, at this point, wouldn’t add much value. Their exports have continued to rise, too. The SPE makers have increased production capacity and some have noted they aren’t running up against issues that would hold back their shipments. That’s because early on, when obvious signs of shortages appeared, chipmakers started ordering more of the machinery that always runs on a carefully calibrated balance. Their earnings have continued to rise along with orders. Japan is home to a few of the global leaders, including Tokyo Electron Ltd and SCREEN Holdings Co. The analysts, in fact, raised their growth projections to 39.5% from 35.4%, with total equipment sales to be close to $100 billion this year. North American billings, a proxy for demand, rose 36% in October from a year earlier, and were up 38% in the prior month, according to Nomura. Since the shortage took hold, demand for SPE machines has been up sharply. That means by the time they’re all in sync, we’ll either end up with overcapacity or not the right kind of machines for the chips we need. Meanwhile, the industry is extremely cyclical, has always run a structural shortage and 80% of it is concentrated with just a handful of players. Chips take as long as three months to make, while these machines take far longer.
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Funding this sector at this point in the cycle doesn’t make sense. Consider semiconductor production equipment, or SPE, the machines used to make the chips. Here’s the thing: These aren’t the sectors that need the help. In its strategy document for the industry, the government notes that it’s striving to boost cutting-edge logic semiconductors used in various electronic systems, introduce domestic manufacturing “with next-generation” technology, and strengthen “choke points technologies of equipment and materials” that will support the global semiconductor supply chain. In Japan’s case, a big part of the $6.8 billion earmarked for the chipmaking industry will be distributed under a freshly established New Energy and Industrial Technology Developmental Organization. In addition, the shortages we’ve been hearing about are mostly for older chip technology, which has been well-documented.
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Such big, unfocused public allocations tend to get spread all over the place, ultimately impeding actual technological headway. While that’s commendable, it doesn’t address the current problem - and never will.