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JANUARY 2024 I SMT007 MAGAZINE 13 March 8, 2022, and did not resume until eight days later. It caused a review by regulators and LME, and resulted in litigation 2 . It now stands as a warning signal that pricing volatility can indicate inadequate reliability and/or is associ- ated with undue market manipulation. Nickel is not a fancy metal but a key ingredi- ent for stainless steel and lithium-ion batteries that power electric vehicles (EVs). Russia and China are major suppliers of nickel, as is Indo- nesia. Russia also supplies oil, gas, and other essential minerals, including palladium (Pd), an essential element for catalytic convert- ers, and semiconductor and electronics man- ufacturing. It is reported that about one-third of the world's palladium comes from Russia. About two-thirds of the world's lithium and cobalt, essential for electric vehicles, is pro- cessed in China. As a key ingredient in making batteries for EVs, cellphones and laptops, lithium demand reportedly would quadruple by 2030. According to estimates from the USGS, the U.S. has consumed an average of 8,300 met- ric tons of rare-earth oxides annually in recent years. e U.S. is racing to catch up with China and other countries on rare-earth supplies, as these minerals are in ever-greater demand. Some uses include EVs, offshore wind tur- bines, and permanent magnets. Titanium, which is crucial for manufactur- ing jet airplanes and military aircra, has been heavily sourced from Russia. A unique metal known for its high strength, light weight, and corrosion resistance, it cannot be read- ily substituted. Even though some materials may not risk direct exposure, indirect impact is expected to trickle down throughout the global supply chain. According to the Critical Raw Materials Alli- ance, China produces 60% of the world's ger- manium and 80% of gallium. Both elements are essential in manufacturing electronics and semiconductors. For example, germanium is used in fiber optic products, solar products for space, and night-vision goggles, while gal- lium is a critical material for semiconductors to make essential gallium compounds (e.g., gal- lium arsenide, gallium nitride). Role of Business and Government In business, long-term investment requires deliberations under the spotlight of reliable and secure critical materials. Corporate boards should be addressing this through an enter- prise risk management program. For instance, Exxon Mobil announced its plans to drill for lithium in Arkansas and start producing bat- tery-grade lithium by 2027 3 . Exxon's goal by 2030 is to become a major U.S. supplier of lith- ium to makers of EV batteries. Research and funding should be prioritized in government and academia, with action and implementation taken accordingly. Furthermore, the integrated cross-agency program relevant to critical materials and min- erals is duly warranted to tackle the technolo- gies, processes, and manufacturability effec- tively and speedily. It is easier said than done; yet it is the time to do so. The Role of Artificial Intelligence and Supply Chain Challenges Critical materials and minerals will have an overarching impact on the global supply chain across all industries and sectors. Once the chain is broken, the whole system fails. Recently, the supply chain experienced unprecedented disruptions and hurdles due to a slew of factors and root causes. Simply put, these fundamental supply chain issues can be attributed to decades of globalization, offshore manufacturing, and technological changes, in conjunction with many diverse suppli- ers being embedded in each product. Conse- quently, managing today's global supply chain is a daunting task, and securing reliable sources of materials and minerals requires an ongoing effort. e bulk of battery manufacturing, for exam- ple, occurs in Southeast Asia, and establishing