Press releases from semiconductor companies or news reports

Biden's CHIPS Act Marks Two Years with $39B Grants, Major Semiconductor Investments

Aug 9, 2024, 01:57 PM

The CHIPS and Science Act, signed into law by President Biden two years ago, marks a significant milestone in U.S. industrial policy aimed at revitalizing the semiconductor industry. The Act has allocated $39 billion in grants, with companies pledging to invest ten times that amount in the United States. This legislation is designed to enhance American leadership in semiconductor research, development, and manufacturing, while creating jobs and boosting economic and national security. However, challenges remain as much of the U.S. production may still require overseas shipping for packaging. The Act's progress is being compared to the 2017 Tax Cuts and Jobs Act, highlighting its impact on reshoring semiconductor manufacturing and increasing R&D investment. The U.S. Economic Development Administration is also celebrating the authorization of TECH HUBS and RECOMPETE programs under the Act, which aim to ensure that industries and jobs of the future start and remain in the United States.