US seeks to avoid duplicating efforts on semiconductors with partners

The US is hard at work with partners and allies to streamline global supply chains for semiconductors and restore its leading edge in chip technology, according to a top official overseeing the efforts.

“We don’t want a race to the bottom,” Mike Schmidt, director of the CHIPS Program Office, told Tracy Alloway and Joe Weisenthal on Bloomberg’s “Odd Lots” podcast on Thursday. “The important thing is that we don’t let the kind of unconstructive competitive dynamics take hold.”