get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. ♪ emily: welcome to a special edition of "bloomberg technology." a deep dive into the global semiconductor shortage as well as a search for solutions. i'm emily chang from san francisco. we will hear from key players in this sprawling businesslike micron's ceo, global foundries' ceo, and the man in charge of

amazon's processors. but first, the problem. the covid-19 pandemic last year spurred suppliers to cut production, not foreseeing the surging demand from consumers for everything from consumer electronics to cars. as a result, that put manufacturers and whole industries in a lurch. >> covid cost everyone to -- covid caused everyone to step back and induced radical demand. >> this last year has been difficult to deal with. nobody knew which direction demand was going to go in and we saw some real sharp moves in different industries. >> our ability to meet demand is outpaced by supply availability and everything is short. there is not a single industry that has not been affected by the semiconductor shortage. emily: here to break down what is driving the shortage and thrown the global economy into

crisis, bloomberg's ian king, who has covered the chip industry for two decades. how did it get this bad? even -- ian: last year, it looked like the global economy was going really badly. all the chipmakers were getting forecasts from their customers saying, "things are really bad. not sure we need that much," and it turned out demand was considerably stronger, and here we are now where demand is really strong, and the chipmakers have not prepared for this surge, for this snapback. emily: we have seen this movie before. it is not like this is the first chip shortage in history, but how is this time different? ian: we have this short-term trend where if you build a car, it takes about a week. you build a smartphone, it takes about a day, but if you build a chip, it is three months or 18 months to build a factory before

you get any supply, so there has always been this fundamental disconnect between the supply and demand trend. what has gone on this year's we have seen an unusual situation of some extreme, weak forecasting and an inability to meet that with short-term supply increases, and on top of that, and i think some of your guests later will tell you the same thing, we are seeing an unprecedented spread in the use of chips. everything from your washing machine to your car to all of these new areas to these massive data sensors that are part of everyone's lives now. this long-term trend is coming on the back of a short-term spike. emily: right. everything from cars to phones, appliances, home networking gear . there's also concern china started stockpiling chips at the height of the trade war during the trump years. how big a problem has that been?

ian: on top of everything we just discussed, as you indicated, geopolitics has become an issue for the chip industry like never before. it is one of the most widely industry -- widely distributed products in the world. that has never really been a problem before, but now, the largest market for semiconductors, china, which takes more than half of the industry's sales, and suddenly the tension between where the strips are designed and where they end up absolutely complicated things -- where those chips are designed and where they end up. emily: all right, ian king, who has been covering the industry for so long. we will continue to follow your reporting. meantime, when micron gave its second-quarter earnings report,

it told the story from two distinct perspectives. chip steps are the storage market and chips widely used in laptops and other computing devices. the dram supply will fall short of demand this year, which means prices will increase, but in contrast, the other sector will surpass a demand. how hard is it for you to meet demand when it comes to supply? -- micron's ceo joins me now. how hard is it for you to meet demand when it comes to supply? >> dram accounts for more than 70% of micron's business. we announced during the time of the pandemic, we developed in just a few weeks ago, we announced our dram technology

notes, the most advanced by any supplier in the world. -- dram technology nodes. micron has been working to position itself stronger, and we are now ramping up into production and will be continuing to do so through the remainder of this year as well as next year. we actually made some capex investments knowing that is what would be needed in terms of demand. however, no question that all sectors are requiring more dram memory. yes, dram is in tight supply at this point, and we expect supply shortages to be tighter through the rest of the year as well. as we look ahead at 2022 as

well, we see that the world economy will be rebounding, and the secular demand trend -- again from data sectors to smartphones to pc's to automobiles to intelligent devices -- this trend will continue on, driving more need for dram memory. we hope this continues to bring technology nodes to continue to increase supply to help address the growing market. emily: president biden has called chip makers like yourself to a summit in washington next week. will you be attending that? what would you like to see from the administration that could help? >> micron is a company with very

diversified global trends. in the u.s., we are the only manufacturer of semiconductor memory and storage, and we engage with governments and administrations around the world in terms of manufacturing or sales capabilities. we have always been in a dialogue with them, and i'm very pleased to see the focus in the u.s. government on the semiconductor industry because the semiconductor industry absolutely forms the backbone of the global economies today. as ian king earlier mentioned, everything in your home to your data centers, to the devices in your pocket, you need semiconductors today, so we are pleased with the focus the administration is providing on driving research as well as manufacturing capabilities and strengthening innovation and competitiveness in the u.s. semiconductor industry.

this clearly bodes well for the market. we are pleased with the focus coming to the semiconductor industry. emily: you have plans in singapore and japan and you are selling one. why sell that now when we are in the midst of a chip shortage and the u.s. government wants more manufacturing on u.s. oil? >> very important to note that a -- that micron has a manufacturing plant in manassas, virginia, and we have the world's best r&d center in boise, idaho, as well for our emerging memory solutions and around the world in countries like singapore, taiwan, and japan, we have deeper manufacturing capabilities as well. memory and storage, scale is

particularly important. our lehigh factory was dedicated not to demand for manufacturing, but crosspoint technology, which for various reasons including an aging ecosystem, we have decided to cease the development of because the return on investment really did not justify ongoing investments in that technology. however, the plant in lehi, utah, has a strong team, tremendous capability, and fits in well with other categories. emily: speaking of dialogue, you have the china issue as well. the u.s. needs the china market. china needs u.s. chips, but there has been stockpiling issues, trade tensions. do you think the relationship

can get back to where it was pre-trump? do you think biden will soften his stance, or do you think china will begin to make more of its own chips? >> for the u.s. semiconductor industry, china is an important market. the china market absolutely provides the benefit of scale that i was referring to, which is important to semiconductors and particularly important to memory and storage. in order to have global competitiveness and not be deprived by other foreign competitors, it is important for us to be able to continue to compete in the china market, of course while watching for national security interests. i do believe that it behooves the u.s. and china to

immediately resolve the matters that are important so innovation can flourish across national geographies on a level playing field with matters related to i.t., production, as well as market shares. emily: last question, quickly, about oversupply. obviously, you are seeing this. i wonder if you will see the pendulum swing the other way once the shortage is over. will there be an oversupply? quickly. >> we have seen early signs of stabilizing up pricing. we do monitor that optimistically, but we do think that in order to really restore the industry, some prudent management is necessary so that

-- prudent cap -- prudent management is necessary. it is critically important for maintaining both industries.

telling us you will be there. ♪

emily: welcome back to a special edition of "bloomberg technology." leadtime, the gap between ordering a chip and delivery, increased 16 times in march. >> you are talking about companies having to invest tens of billions of dollars in capex, in equipment, so it is in equation you have to get right. the industry has had too much

supply, chip prices plummet, and it reduces investment in r&d. i think the industry has done better at analyzing supply and demand and has generally gotten better at investing at the right pace. >> we are still growing as a company, but as we had said last earnings call, our ability to meet demand is outpaced by supply availability, and everything is short. there is not a single industry not being impacted by the semiconductor shortage from automotive to homes, and it's just because of all those different trends that accelerated consumption of semiconductors that we saw during the pandemic. we have line of sight that demand and supply will align by the end of this calendar year. >> whenever you get a constraint in the supply chain, you find that the source of the manufacturing is down to one or

two regions, this is going to last a few years, not months or weeks, so we should be clear about the impact. we are working together with intel because we do believe that there should be multiple sources of fabrication, and we do believe there should be competitive advantages. >> there's very few companies that can step into advanced semiconductor technology, something we have only used for internal needs at scale before, but now we say we are going to open our doors wide for the industry. with that in mind, customers are looking and saying i only have tsmc, samsung, and intel as choices, and only one of those is u.s. at scale? i want to have at least two suppliers of my advanced technology choices, and intel is

saying, "we are going to be that." the world needs more semiconductors. the world needs a more balanced supply chain. we are one of the few companies that can step in to do that. >> our business in china remains strong. many are adopting technology from us. >> despite the tension, our business with china has been growing at an incredible rate. i think we are very privileged, our position. we are growing. i'm optimistic that for areas like in the technology sector, like we are, in 5g, we play a very important role for growth in the united states as well as for companies in china. >> we need to be at scale across the business, but we do think it takes a couple of years to build this out. designs take time to be committed to a new process and

test and raptor manufacturing, but we are under way. we already have some existing foundry companies at -- customers a small scale that will start ramping rapidly, so this business will get under way . we are going to earnestly pursue a meaningful portion of that. >> it is not something you throw up overnight. it takes a lot of time and a lot of investment. over the last number of years, the manufacturing industry really has invested a lot of capex in building up capacity. the last year has been very difficult to deal with. nobody knew which year -- which direction movement was going to go in. it will right itself. there will be more investment in more capacity, and ultimately we will get back to a position where supply and demand are better matched. emily: we will hear more from those ceo's later in the show.

also coming up, what wall street is saying about semis. as we had to break, industry watchers with notes on demand and supply into the future -- as we head to break. you're watching "bloomberg technology." ♪

>> the major issue is that the leadtime is so long and capital investment is so tremendous, so it takes time to recover or to appeal this surging need. emily: welcome back to a special "bloomberg technology" -- chip crunch. trade statistics predicts the global market is expected to increase by 10.9% in 2021. with a longtime analyst take, i want to bring in joann cini.

we heard the ceo of qualcomm saying maybe by the end of the year. other saying it will take a lot longer than that. what do you think -- how long does this last? >> it is going to take a while. it takes a long time to ramp up capacity. as you know, to build more factories is just going to take too long. we have the big backlog of demand in the auto industry and other places, so we do not expect it to clear up until into 22, which is a big -- a good thing for semiconductor companies because they are selling a lot of chips. emily: we have seen a run-up for chip stocks. do you think they can keep going higher or is the run over? >> i think they can keep going higher. look at some of the opportunities out there. again, a month ago, we saw about a 15% rise in texas instruments, but qualcomm has only gone up

about half that much. it has actually traded down from its peak. taiwan semi is down from its peak. there are good opportunities for investors to get into these stocks. good opportunities out there right now. emily: you said intel manufacturing has really fallen off. they have been doubling down. what are the chances they get back to that leadership position ? what does it mean for a md? >> i think as pet doesn't work correctly pointed out, intel definitely has work to do -- ask pat doesn't or -- as pat d elsinger correctly pointed out. intel continues to gain shares in data centers, in pc's, so that is an opportunity. we will see if intel's plan really will work, but it is sort of a stretch to believe a lot of

their competitors are going to want to turn to intel for manufacturing, so i think intel has a tough row to hoe, so i would not be looking at intel as one of the places where it would be best to invest in semiconductor -- in the semiconductor space. texas instruments, we have owned for a long time, a great investment. taiwan semi also has a very good road ahead of them in terms of growth. emily: thank you for helping us map out that road ahead. appreciate your perspective. thanks so much. coming up, we are going to take a global look at how the chip shortage is impacting the global economy. we had to asia and europe and look at the winners and losers in this crisis. that is next. this is bloomberg. ♪

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and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) emily: welcome back. you are watching a special edition of "bloomberg technology." i'm emily chang. from cars to home appliances to smartphones, it the global chip shortages having a referral -- a ripple effect. ed ludlow reports. ed: semiconductors or chips are essential components in things we use every day. they are made from the material they gave silicon valley everything to simple functions

like translating the press of a button into an electronic signal. think of them as the brain of a device. what happened? when the pandemic shut down car factories in march, automakers expected less orders for passenger vehicles. in turn, cut their orders for chips. at the same time, working from home and 5g drove demand for laptops, smartphones, cloud services and data centers. those industries increased their orders to semiconductors. that caused chipmakers to switch production to those areas rather than pile of chips they could not sell. what do both car and computer companies do not expect what it -- was a rebound in demand. here lies the problem. there is now not enough supply to meet demand. building should takes years and cost billions of dollars. >> the answer in the near term is nothing can be done in a grand way that can increase supply. supply expansion takes time,

takes, addition of new factories addition of new capacity. ed: how bad could it get? ? chip shortages are expected to wipe at $61 billion of sales for automakers alone. big chipmakers like qualcomm, and expedient and infineon say the auto industry is not the only sector to get hurt. game console makers say things will get worse before they get better, potentially impact holiday sales. president biden has signed an executive order to look into why the u.s. is reliant on overseas chip manufacturers,'s's like tsmc and south korea samsung. >> quality -- companies such as nvidia, all of these companies that don't have factories of their own and rely on third ready manufacturers, and over, the last decade or so has become reliant. ed: how long before supply leaks over demand? it is a guessing game. some analysts say we will not see -- we will not see a turnaround until the second half of the year.

emily: could we see a turnaround in the second half of the year? april recovery in a few years? the outlook is mixed but one thing is for sure, the demand for semiconductors is soaring and one industry being hit hard by the shortage is autos, with plants being idle while they wait for that one thing, chips. >> all it takes is one chip that prevents you from manufacturing an automobile or shipping a computer. . what i'm seeing and talking to both as suppliers and customers is it is a cycle that is going to go into next calendar year. >> the home is everything now and people want all of the digital capability in the home which means the demand for chips is through the roof. i don't think the manufacturers know the end of the story. >> it is a serious topic. . the whole industry is affected. the capacity is too low for all players like automotive industry and consumer electronics.

>> industry was increasing last year and the second quarter with all of the lockdowns that happened in home office supplies, that is where the automotive industry was in a standstill. that is where the automotive industry is in catch-up mode. >> we are watching the development of the chip supply chain. so far, it has not impacted us. we also have not seen that impact in our forecast for the first quarter. >> we're working every single day with a cross functional team to look for opportunities of how do we minimize the impact? we will continue to do that. it is a year of execution. the issues with chips, this is a short-term mission and we will work through it. >> once you get these chips, you have to decide. you can look at your profit margins, and put them into the vehicles where you have the best margins and the tightest supply. it will be chaotic and challenging. . but i think we can navigate through it being able to hit our retail targets for this year. emily: joining me for a closer

look at how the silicon shortage is affecting the globe, we are joined by caroline hyde and our editor, peter elster and. i want to look at europe. we heard from a number of carmakers. how is the shortage impacting them across the region? who is getting hurt the most? caroline: the automakers specifically. a number coming out, some of the truck makers are saying they have substantial impacts in terms of the supply chain being hit. we have the likes of voltswagen, you are hearing from the u.s. head, but they have had to hack -- had to idle manufacturing. psa and fiat came together, they have had plenty of knock on effects in terms of their u.s. production capacity. certainly the automakers. you also have another in the string of people speaking, an auto supplier. they are lobbying the likes of the government, asking taiwan government, not just its own government, to monday hand.

stop putting automakers at the back of the queue. there are winners. we have chipmakers. they are doing well. the likes of nxp doing well. notably, the chip equipment makers. asml, the biggest customer is tsmc. when tsmc says it will spend more on beefing up its own capacity, they are going to win out by it. emily: tsmc, the dominant foundry and based in taiwan. we will talk to peter about that shortly. let's talk about the eu's plan. they have a plan. what is the plan and will it work? caroline: there is a plan, perhaps not much detail on how they enact the plan. they have the digital compass they have come up with. big and bold, as politics tends to be. by 2030, they want to be doubling down on the most efficient chips. they say they want to be making 20%, 1/5, of all of the value coming out of the chip sector. they have got some chipmakers

here. the likes of xp. but really, there are questions coming from the local executives, whether the demand is there for the high-end, high-level chips. we make a lot of autos in europe. but i'm not seeing many filmmakers. i'm not seeing many consumer electronic makers. . is the demand there, particularly if you are going to have a lot of subsidies to make this a real financial commitment? question marks from the sector itself and from tsmc. emily: absolutely. let's talk about that. caroline hyde in london, thank you for the view from europe. let's get to asia, we are joined by peter elstrom, our executive editor in asia. gina's sons he has said it will spend more than $100 billion over the next three years to expand its chipmaking ability. is it a problem that tsmc dominates the foundry business so much? ? does not exacerbate the shortage that others are feeling?

peter: it is a good question. it is certainly a bottleneck. they have invested so much money over the years to take this place at a premier foundry where they do these customized chips for companies like apple and nvidia, and many others. right now, they are spending a ton of money to be able to catch up with the researching demand. . is not a challenge for them. they have had investments. it is a challenge if you are sitting in europe, as caroline was talking about, or the u.s., and you are concerned about whether your company will be able to get enough tips. these efforts you see in the u.s. and europe to build more devout stick capacity -- more domestic capacity, it will take time to face this shortage. long-term, they are thinking long-term in these instances and using this as an opportunity to get money for investments that they have wanted to make for a long time. emily: it is not just the eu, but the u.s. and china that are

trying to build more domestic capacity. how does geopolitics factor into the situation? peter: it is a very big question. we are saying that now. not just because of the chip shortage but because of the tensions between the u.s. and china. the u.s. has cut off a few key companies in china. huawei is probably the most notable, where they have said we will not spend youth -- send you the cutting edge chips you need to build smartphones. that has noted that -- motivated the chinese government to double down on this effort that they have been trying to execute to build their own domestic chip industry. they are far behind. they don't have the capabilities. they don't have the capabilities of a samsung or intel at this point. . but they feel like this is a key sign that they need to build their own domestic chip industry. . they will do it slowly, methodically. we saw in the five-year plan that they will dedicate billions of dollars doing this. they are more determined than ever because they have seen how vulnerable they are when it comes to something like the u.s. cutting off huawei and a few

other companies there. emily: lumber's peter elstrom in -- bloomberg's peter elstrom in tokyo. thank you for your view. apple, google, microsoft and amazon are getting into the chip design and manufacturing business. we will talk to amazon vice president dave brown about the company's own effort to make chips as its massive cloud business expands. it is also happening at apple, le, microsoft and more. that's next. this is bloomberg. ♪ this is bloomberg. ♪

emily: welcome back to a bloomberg technology special, chip crunch. as amazon has formed to a cloud computing giant, it stands as one of the world's largest chip

the purchasers. . those chips are used to power data centers and as aws continues to expand, it is looking for opportunities to design its own chips instead of buying them. it is part of a larger trend by other companies like apple, google, and microsoft, and it is seen as a major threat to traditional chipmakers like intel. turning to discuss, david brown, vice president and amazon elastic compute cloud. . he leads all products that contain aws design processors. . thank you for joining us. chip design is a massive investment for you. then it is a process of getting it manufactured. why is amazon doing this? david:david: thank you. it is great to be here. . our focus on customers. it is our customer exit -- our customer obsession. what customers are looking for is lower-cost. when we looked at the chip space, over the last couple of years, since the early 2000, we have only seen about a 10% to

15% improvement in performance in the chip space. a lot less than what customers had in the 90's. we thought given our investment in infrastructure, there was a lot we could do. we focused on how do we build the most advanced, fastest cpu for our customers? we did that with our server chip. which is allowing customers to improve their performance by 40% at a 20% reduction in cost. bringing that to aws has allowed customers to bring in workloads and be able to do more at a lower cost. emily: you are not just making chips for servers, but also as i understand it, voice recognition, graphics, ai, mission learning. and as you said, you have proven that you are good at it. does that mean that alexa and our kindles will have amazon designed chips as well? david: likely over time, absolutely.

we started our journey back in 2010. this is not just something we have been doing recently. it is something we realized we had to do in the early a's -- early days of aws. . we purchased a company back in 2014. they have built no fewer than 11 different chips for us today. that is a server chip, we have chips in the machine learning space. it is very likely that you will continue to see is innovate in the space. as long as it makes sense for our customers, which is what we are always looking at. that drives us. emily: google and microsoft are making their own chips. and also have big cloud businesses. . and curious, how do you think your efforts compared to theirs for how do you think your efforts give you an advantage over what they are doing? david: we are trying not to focus too much on what our competitors are doing, and stay focused on what customers are saying. we have been early to the arm game. we started in 2010. we work closely with arm over

the last number of years. we put out our first chip in 2018 and spotted an ecosystem. we signaled that it was available in the cloud. we have seen customers like snap with her snapchat application, and even our own alexa start using it. it has gone from small startups to large enterprises. we've seen customers like twitter even decide to choose a ws as their primary cloud provider, because the goal of moving more and more workloads to a.r.m. it is available today on aws. we are going to continue can -- continue innovating with a muscle we have built internally. emily: clearly this is more than just a side hustle for a hobby. you think this is something you could turn into an external business and sell amazon designed chips to other companies? david: right now, we are focused on what chips do we have to

bring into our cloud environment. we have the ability to put some of the chips into customer data centers as well, or we can bring in aws to you. overtime, it is interesting to see where it will go. it is difficult to know where we will be in five years time or how innovation will take us or what customer demand will be. . i would not say no to that question but it is not something we are planning. emily: your ceo weighed in positively on president biden's infrastructure plan. there is this big chip summit happening in washington next week. if there is one thing the administration could do that you believe would help the industry, what would that be? david: i think there is a lot of focus right now in supply chain and making sure we have enough chips. on the amazon side, we have been innovating in our supply chain, it is in the dna of what amazon does. making sure there is enough chips available for demand is critically important. . we are very confident and where we are from a supply chain point

of the. at this point in time. we have been able to withstand things like we had in covid with incredible demand on cloud capacity. but also making sure we have the necessary supply, and whatever we could do would be critical for everyone involved. emily: eva brown, vice president and amazon, thank you for joining us. . really interesting to hear more about the work you are doing and work to come. still ahead, we will speak to the ceo of global foundry who will be attending president biden's chip summit next week. his thoughts on the competition with tsmc and samsung and when the chip shortage will be over. this is "bloomberg technology: chip crunch."

emily: welcome back to a special bloomberg technology: chip crunch. when it comes to the foundry business, the business of making chips for other countries -- companies, manufacturers dominate.

tsmc and samsung leading the charge. the top players to complete -- to compete on the stage. global foundry says it is committed to expanding production. joining us for more, global foundry's ceo, thomas caulfield. thank you for joining us. i would love to hear what is what -- what it is like from your vantage point. . how hard is it to keep up with demand? thomas: thank you for having me here today. i think how we got ourselves in this position, this bakes shortage -- this big shortage, a journey that started a few years ago with the advent of the smartphone. we started this, that a compete centric industry, one that went to the smallest transistors, to do compute function only started to evolve to wow, look at all of the features we can put in devices. we can put a touchscreen, we can put secured transactions a weekend give pay remotely from the cash register, we can put

audio chips, we can use our phone to take pictures. we have a touchscreen that is easier to manipulate with features on the phone. we have a power management chip to make the battery last longer. all of a sudden, this industry went from a compete centric mindset, where we went down scaling, to pervasive deployment of semiconductors. that is where it plays. all of those functions are described is where we make chips for our customers. we make them worldwide. what happened was the beginning of the journey 15 years ago from a compete centric industry to a pervasive compute, became accelerated. the unfortunate pandemic of 2020 really had technology at option that normally would take a decade, haven't essentially in a year. not only or more devices being sold, more content of semiconductors. we entered the pandemic thinking we had a 5% growth, where today

we are looking at a. . 9% growth. . you have heard earlier in your program, putting capacity on is not something you can just do in a week. the minute you say go, and i'm going to order equipment, a company, it is probably a year out before we can produce the waivers, not even the final product for customers. we have to buy the equipment, install it, and begin production. this shortage is going to be with us well into 2022. i don't think the demand is perishable. . i think it stays. emily: you will be attending the chip summit at the white house. what is the one thing you would like president biden to do? thomas: i've seen all of the reporting as well on the plans of the meeting. and on the specifics on the meeting. there is a tremendous amount of energy and interest in the semiconductors in washington. . as a key player in the u.s. and globally, gf is included in

these discussions. our job is to provide perspective, with the types of policies that can have the u.s. achieve its objectives. i think the important thing now is let's get the chips bill funded, so we can accelerate manufacturing capacity in the u.s. emily: let's talk about that. tsmc is the biggest player in the foundry market, then it is samsung, and you are of course a big player in the united states. do you believe that is problematic, especially when it comes to u.s. and china competitiveness and the speculation that china has been stockpiling chips through the trade war? thomas: i think -- what are we trying to solve here? the u.s. has led the semiconductor industry since the beginning. the u.s. invented the transistor. if you look at this half $1 trillion semiconductor industry that we all participate in, 50% of that industry is supported by u.s. headquartered companies,

but only 12% is manufactured in the u.s. this is what is creating that dynamic. supply chain security, national security, and even economics. semiconductors are at the heart of the $91 trillion world economy. all regions of the world. china, europe, they want to make sure we have the capability to build semiconductors. the u.s. is now adjusting industrial policy so they can make the investments other regions of the world have made in partnership with business to make more manufacturing in the u.s. emily: we are all waiting, plus quick question, for global foundries to go public. wouldn't now be a good time when there is all of the surge in demand? are you accelerating your timeline? could we see it this year? thomas: for us, it has always been about going to the public markets when we hit certain performance targets. to make sure we capture the two values of the enterprise. that is a discussion that has

always been sometime in 2022. we always view our strategic alternatives. for us right now, we are laser focused on continuing to get as much out of the capacity we have on the ground now and investing as fast as we to increase the capacity so we can help do our part in getting the supply demand better aligned. emily: all right. global foundry ceo thomas caulfield, we will be following you through the year and into the next, and your path to ipo. thanks so much for joining us. i does it for this edition of "bloomberg technology: chip crunch." ." we will be watching the summit at the white house next year. another note, my latest studio 1.0 featuring melinda gates. . she is the cochair of the bill and melinda gates foundation which gave $1.75 billion to fight the global pandemic. she will talk about the future of women, she is worried about

women backsliding post pandemic. you can catch that conversation coming up on bloomberg television. i'm emily chang. this is bloomberg. ♪

haidi: good morning and welcome to "daybreak: australia." i am haidi stroud-watts in sydney. we are counting down to the major market open. shery: good evening from bloomberg world headquarters in new york, i'm shery ahn. haidi:haidi: these are your top stories. indonesia's president slams richer nations for vaccine nationalism. in a narrative -- in an interview, he warns the pandemic will not end unless all countries are treated equally.