President Joe Biden on Tuesday signed a landmark bill to provide $52.7 billion in subsidies for semiconductor production and research in the US and to boost efforts to make the nation more competitive against China’s technology efforts
President Joe Biden on Tuesday signed a landmark bill to provide $52.7 billion in subsidies for semiconductor production and research in the US and to boost efforts to make the nation more competitive against China’s technology efforts.
“The future is going to be made in America,” Biden said, calling the CHIPS and Science Act “a once-in-a-generation investment in America itself.”
Biden touted investments by the semiconductor companies even though it remains unclear when the US Commerce Department set guidelines for reviewing grant awards.
The chief executives of Micron (NASDAQ: MU), Intel (NASDAQ: INTC), Lockheed Martin (NYSE: LMT), HP (NYSE: HPQ) and Advanced Micro Devices (NASDAQ: AMD) attended the signing, as did governors of Pennsylvania and Illinois, the mayors of Detroit, Cleveland and Salt Lake City, and lawmakers.
Qualcomm also announced plans to increase semiconductor production in the US by 50% over the next five years.
Likewise, Intel in January announced plans to invest up to $100 billion to build a new chip complex in Ohio, starting with an initial $20 billion commitment.