could we see a more diversified supply chain coming out of this or to the likes of tsmc and samsung just guest: it is really complex and quite global. china, as we have seen for years, has viewed semiconductors as a national priority. now we are seeing a lot of other countries starting to do that. you're seeing big announcements from the u.s., from europe, from japan, korea. they are all talking about how they add resiliency to their semiconductor supply chains. giving -- given the importance of semiconductors to so many markets, auto, consumer electronics, each part of our economy, semiconductors are a part of. the trick is the global nature and highly complex manufacturing process. each country need something different. china has been investing a lot over the years but they still need bleeding edge processing technology, as well as the really complex tools required to manufacture the chips. the u.s., which just made a big announcement on government support, needs more manufacturing capacity. same with europe. they made big investments, big pledges to have more bleeding edge manufacturi

and we were talking with governor doocy, because he was so instrumental in getting tsmc to make thatave this senate bill that officially has a name, it's called the u.s. innovation and competition act, it is squarely aimed at competing with china. you, of course, have been at loggerrerheads with china especially when you were with the trump administration. what is there to fear about china in i know, and we can show the map, how many foundries or fabrication plants we have here in the united states which has really slowed to a tiny trickle, and then you compare it to the map of china and how many are there. but talk to us, convince us that this is a national security issue and not just a, hey, we want to steal business from china. >> right. and, yes, semiconductors is his obsession for a simple reason, and that is semiconductors lay the foundation for literally almost all technologies whether it's 5g, a.i., cybersecurity, biotech. it is, it is absolutely the key. and this is why when we worked with senator cornyn and senator warren and helped design that chip to get that manufacturin

being blamed on the pandemic, and in truth, it did disrupt a lot of things, but i have to go with the tsmc the guy who runs the day-to-day operations, because the founder, although a very, very hale and hearty 89-year-old, he has withdrawn the bit, and he said something interesting. he said, it was only partially due to the pandemic, but it was also due to manufacturers stockpiling chips, and that you have to distinguish between real demand and stockpiling for inventory, and he thinks a lot of this is because of stockpiling for inventory. anchor: jim, from your point of view, how long will it take for production to catch up to demand? some suggest this could take at least two years. is that right or longer? jim: that is a good estimate. as said, there could be stockpiling. supply chains are interconnected around the world. who knows what companies are stockpiling what. i suspect as prices rise, that changes the dynamics. you may be willing to wait for the game console. that has an impact. there needs to be more capacity, more supply, and 24 months is a good estimate for that. june park, th

the biden administration wants to entice foreign chipmakers like tsmc or samsung electronics to comeo the united states and help build out advanced semiconductor chips. these talks centered on more mundane issues like meat additives that the taiwan government removed in january to remove a key block in trade friction. there is large support in congress for strength and trade relations with taiwan. we saw three senators went to taiwan over the weekend, flying in on a military jet plane. that definitely angered beijing. they were delivering a pledge for covid vaccine from the white house. this is, again, to counter the rising threat, if you will, of china. >> no wonder we see china trying to hit back at the u.s. with legislation addressing u.s. sanctions. tom: this is china upgrading its legal toolkit because the u.s. has sanctioned dozens of chinese officials over policies. the eu has also sanctioned a number of chinese entities as well. this is giving themselves the legal toolkit to push back. the standing committee at the end of the day yesterday allowed them to target individuals f

tsmc is moving forward with plans to build a $12 chip plant in phoenix, arizona. ceo says construction is well underway months after the city approved financial incentives for the project. jk are is -- jkr is taking a private software firm private. a 24% premium. the can he has struggled to sustain growth against larger rivals like amazon. up next, australia is expected to report modest growth in their first quarter after the rba kept its qe door open. an tension to victoria's lockdown living. -- an extension to ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. haidi: the lockdown in the australian state of victoria looks set to be extended as case nu

what we have seen with tsmc, that does most of that manufacturing, they have agreed to bring a fab to.. customers like apple identify that risk, and it is a legitimate concern that global supply needs to be diversified. it doesn't necessarily have to be in the u.s.. emily: ok, chris caso thank you, so much. facebook will allow employees to keep working from home if their job can be done remotely. in the memo, employees were also told that there salaries will be adjusted accordingly. coming up, lyft is adding a new electric bike to its fleet and hope of drawing commuters from their cars. we will talk about what is already on the streets, and whether people will adopt to this new method of travel. and gamestop is declining after hours after reporting its first-quarter results and announcing a shakeup at the top. we will continue to follow this story throughout the show. this is bloomberg. ♪ he show. this is bloomberg. ♪ emily: as workers trickle back to the office, lyft aims to help them get there. bikes were launched in san francisco this month two years after lyft launched models that

haidi: so this is all part of the pressure that's coming on companies like tsmc to address the supplylly able to come online quickly enough to be able to help? >> it will only come online in 2024, so it's probably not going to help with the current shortage for the auto sector and other industries. but at the same time, the administration is posing to allocate $52 billion to domestic semiconductor manufacturing. it could of the biden administration to realize its mission to have the u.s. semiconductor production in line with china. haidi: the fintech firm traded in his first day after going public, hoping that fintech firms may help reverse the trend. >> history has shown there's a number of different ways to go public. there's three primary ways of direct listing. a regular ipo and a spac holder ipo. the spac merger ipo was the right choice for us. as a research analyst covering media from 1999-2007, i've seen dozens of ipos. every company has different facts and circumstances. so if i had a couple of unique things to solve four. -- sofi need to change both to be a licensed national

invest in the u.s., and to use their diplomatic muscle to gain that advantage to get the likes of tsmcnced chip plants in the u.s., all part of this geopolitical competition with china. haidi: stephen engle there with the latest. next, discussing cybersecurity matters surrounding crypto markets. nick percoco is with us. this is bloomberg. ♪ this is bloomberg. ♪ shery: jbs confirmed they paid the equivalent of $11 million to hackers who crippled their business last week. u.s. regulators slammed colonial pipeline cybersecurity practices after they paid their ransom. colonial and jbs paying ransom in the last few months. how unique are these cases? >> they are unique in that they have been discussed so publicly and widely. but ransomware is a common attack method, it's an industry for criminals that is booming. we hear about far fewer cases than are actually public. of those that we do learn about, about 50% end up paying. to this is not extremely unique. what is unique is there has been so much public disclosure about these cases which we so rarely hear about in a public domain. haidi: t

enacted into law, provided incentives, tax incentives, and grant programs for companies like intel or tsmc from taiwan or samsung to build chip manufacturing plants here in the u.s. the house is expected to back that asset although the two bills it's passing are expected to pass tonight and do not include that, but it is expected that at some point, they will add that in as this process moves forward and eventually, this will get to sit in biden's desk. there is bipartisan support for this effort in both chambers. the timeline is looking something like september or october according to representative frank lucas, the top republican on the science committee. i spoke to him earlier today and he said he was feeling optimistic. he is a republican of course and he said that there's a lot of bipartisan support for this so he said september and october maybe we will see something heading to the president best. -- president's desk. shery: what does this mean in terms of all of the other conversations between china and the u.s., especially when it comes to the trade front, where really, we have not