Biden signs bill giving $52B in subsidies to US semiconductor industry
US President Joe Biden marked the CHIPS Act of 2022, which gives $52 billion to support the US domestic semiconductor industry. The act approves the consumption to advance $200 billion to promote domestic semiconductor production. However, just $52 billion is promptly appropriated because of Biden marking the bill. The act also lays out a US Treasury fund to do its provisions. It also provides $39 billion in manufacturing incentives and $13.2 billion in research and development and labour force development. It likewise provides a 25% tax credit for investments in domestic semiconductor manufacturing and production. In light of the signing the bill, US semiconductor companies declared new investments. For example, micron declared a $40 billion investment in memory chip manufacturing. Furthermore, Qualcomm and GlobalFoundries declared a partnership that includes $4.2 billion to manufacture chips.