Biden's CHIPS Act Marks 2nd Anniversary with $39B Grants, $300B Semiconductor Investments

Aug 9, 2024, 03:01 PM

Two years after the enactment of the CHIPS and Science Act on August 9, 2022, the Biden administration is nearing completion in allocating $39 billion in grants aimed at revitalizing the U.S. semiconductor industry. The act, which represents a significant investment in American manufacturing, aims to strengthen the country's position in semiconductor research, development, and manufacturing. It has also catalyzed private sector investments exceeding $300 billion in semiconductor manufacturing and innovation. The legislation has facilitated the establishment of TECH HUBS and RECOMPETE programs, which are designed to ensure the growth of industries and job creation within the United States. Notable investments include $40 million allocated for the Buffalo-Rochester-Syracuse Tech Hub to bolster Upstate New York's semiconductor industry. The act is part of President Biden's broader 'Investing in America' agenda, which seeks to bring semiconductor production back to the U.S. and secure its future in the global market.