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Intel Corp. CEO Pat Gelsinger predicted the shortage of semiconductors that’s hurting industries from automotive to consumer electronics will bottom out in the second half of this year before starting to improve.

President Joe Biden’s blueprint for the U.S. semiconductor industry marks an ambitious effort to set industrial policy for a critical sector of the economy, but the strategy will need more money and global support to take back chip supremacy and pre-empt a rival effort from China.

Commerce Secretary Gina Raimondo said the Biden administration is exploring how to help semiconductor producers and buyers share supply chain information to alleviate the global chip supply crisis, and urged Congress to swiftly pass legislation to fund domestic production.

The Senate will include $52 billion to bolster domestic semiconductor manufacturing in a broader bill to enhance U.S. competitiveness with China, Senate Majority Leader Chuck Schumer said.

Volkswagen AG raised its earnings outlook after a strong start to the year, while cautioning that the semiconductor shortage rippling through the industry will become more pronounced in the second quarter.

MILAN — The Stellantis automotive company created out of the merger of Fiat Chrysler Automobiles and PSA Peugeot reported May 5 a 14% increase in first-quarter revenues, despite a drop in production due to the semiconductor shortage.

Commerce Secretary Gina Raimondo called for a major increase in U.S. production capacity for computer chips whose current shortages are causing global manufacturing bottlenecks, saying the push could create jobs and wean the nation off over-dependence on China and Taiwan.

Volvo Group said it may see further disruption from the semiconductor shortage that has forced the truck maker to idle plants, potentially hobbling a recovery that has seen orders more than double.

The U.S. faces a national security “crisis” due to its lack of semiconductor production, Commerce Secretary Gina Raimondo told senators in a hearing on President Joe Biden’s infrastructure plan.

Two Republican lawmakers called for broader American restrictions on the sale of chip-making tools after the U.S. government placed several Chinese supercomputing firms on an export blacklist, saying even tougher rules are needed to prevent the People’s Liberation Army from using sensitive technologies.