Micron, QuantumScape and Hyzon Motors CEOs react to Biden’s plans for infrastructure

“This is clearly important because the semiconductors form the backbone of everything today in the economies,” Micron’s Mehrotra said. “We are really a leader in memory and storage, the only U.S. company. We are definitely excited about the prospects of driving greater leadership in research, technology and products through the U.S., as well as on a worldwide basis.”

Micron is a major player in the market of dynamic random-access memory, or DRAM, and flash memory.

With demand for electronic consumer products rising, a semiconductor shortage has been a boon for the chipmaking industry, but a negative for their end markets, particularly in autos. The White House infrastructure plan would commit money to semiconductor manufacturing and research in the U.S.

QuantumScape’s Singh welcomed Biden’s pledge to invest in electric vehicles, noting that more focus is needed addressing key hurdles that keep electric vehicles from being competitive with traditional combustion engines. Those hurdles include long-range travel, battery charging times and lower costs, he said.

“It’s very exciting. … It’s great that the administration is so supportive of this electrified transition that is critical to regress emissions, but our view is that at the end of the day, you know, government policy is not enough,” Singh told Jim Cramer.

“You’ve got to have a product that people want to buy, and we think that people are going to want to buy more EVs once they’re more competitive with combustion engines. That’s really the promise of what we’re doing.”