financetom
Business
financetom
/
Business
/
CEOs of European chip makers concerned about nationalist industrial policies
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CEOs of European chip makers concerned about nationalist industrial policies
Nov 11, 2024 7:29 PM

MUNICH, Nov 11 (Reuters) - The CEOs of Europe's three

biggest computer chip makers on Monday said that demands by the

U.S., Chinese and European governments that each region have its

own semiconductor production are a worsening obstacle to

business.

In a rare joint appearance following the election of Donald

Trump to the U.S. presidency for a second term, the CEOs of

Infineon of Germany, French-Italian firm

STMicroelectronics and NXP of the

Netherlands said their businesses have been suffering from

uncertainty and the trend toward nationalist industrial policies

seen over the past decade.

"The danger is that we will accelerate in this

fragmentation," said Infineon CEO Jochen Hanebeck at the

electronics conference in Munich.

"Fragmentation is happening on the supply side, and

potentially with tariffs, which are written on the wall, it will

get worse", he said.

All three firms are major suppliers of chips used for cars,

electrical power controls, and industry. All are currently doing

strong business in China due to the booming electric vehicle

market there. Other chip markets around the world are weak,

excepting for chips used in artificial intelligence.

STMicroelectronics CEO Jean-Marc Chery said that recreating

supply and production chains on separate continents to make

"China for China and West for West" chips has been costly in

both material and engineering terms.

"So. Congratulations to the new U.S. president."

NXP Semiconductors ( NXPI ) CEO Kurt Sievers said no country will be

able to dominate the chip industry or be independent of the rest

of the world.

"And if it was possible, it would become so expensive that

no consumer could afford any device which uses chips," he said.

"And I'm sure every government over time will understand it."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Mar 22, 2024
05:04 AM EDT, 03/22/2024 (MT Newswires) -- Hutchmed ( HCM ) said late Thursday it has started the registration stage for a phase 2/3 clinical trial of investigational drug sovleplenib for adult patients with warm antibody autoimmune hemolytic anemia in China. The move follows positive data from the proof-of-concept phase 2 stage of the trial and a consultation with the...
Once a beacon of stability, Vietnam to name third president in a year
Once a beacon of stability, Vietnam to name third president in a year
Mar 22, 2024
HANOI, March 22 (Reuters) - Communist-ruled Vietnam is seeking its third president in little more than a year after the resignation of Vo Van Thuong, who was only elected last year after the sudden dismissal of his predecessor. With accumulated foreign direct investment higher than its gross domestic product, Vietnam's stability is crucial to multinationals with large operations in the...
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Mar 22, 2024
(Reuters) - Popular investor Cathie Wood's ARK Invest bought nearly 10,000 shares of Reddit ( RDDT ) in the social media platform's strong market debut on Thursday, an email from the asset manager showed. A total of 9,982 shares of the loss-making company was added to ARK Next Generation Internet ETF ( ARKW ) and ARK Fintech Innovation ETF (...
Japan's union group Rengo announces biggest wage hikes on record
Japan's union group Rengo announces biggest wage hikes on record
Mar 22, 2024
TOKYO (Reuters) -Japanese firms have agreed to raise pay by 5.25% this year, the biggest rise under comparable data since 2013, the country's largest union group Rengo confirmed on Friday. The results of the closely-watched wage negotiations are announced in several stages, in which the blue-chip firms are first to wrap up their talks in mid-March. The second announcement on...
Copyright 2023-2026 - www.financetom.com All Rights Reserved