Semiconductor stocks dipped in premarket trading

Semiconductor stocks dipped in premarket trading.Nvidia,AMD,TSMC,Intel,ASML,Qualcomm,Micron and STMicroelectronics fell between 1% and 5%.

Biden administration officials are pressing semiconductor companies for “more transparency” about their supply chains as they rush to alleviate a global chip crisis.

Officials said they would formally request more information from companies on their supply chains. “We hope that this is going to be the beginning of a broader push to get more transparency about supply and demand,” said one US official.

The request, to be filed in the US Federal Register, will aim to gather information about chip supply and demand, inventory and different customer segments, officials said. Responses will be voluntary.

The move comes as commerce secretary Gina Raimondo and National Economic Council director Brian Deese convene a meeting of automakers, tech and semiconductor companies at the White House later on Thursday.

Representatives from Apple, Ford, General Motors, Global Foundries, Intel, Micron, Microsoft, Samsung and TSMC are among those to attend.

In an interview with Bloomberg, Raimondo said she would consider using tools to compel companies to hand over information about their supply chains if they did not voluntarily help.