The paper discusses the significant impact of Artificial Intelligence (AI) and Machine Learning (ML) on Supply Chain Management (SCM). It emphasizes the applications and benefits of AI and ML in various SCM areas, including intelligent automation, augmentation and optimization possibilities in demand and supply forecasting, inventory management, smart manufacturing, product design, transportation and logistics, risk management and network design. The semiconductor industry is used as a specific example to illustrate these applications. This paper then proceeds to discuss about the various classical ML algorithms and their applications in SCM areas followed by a detailed illustration about emerging advanced AI/ML techniques like Bayesian Analysis, Generative AI, Knowledge Graph, Transformer, and Reinforcement Learning in an agentic framework.