President Biden on Tuesday signed into law the CHIPS and Science Act, which includes a $52.7 billion package of subsidies and grants to the US semiconductor manufacturing industry, in a move aimed at reducing the country's dependence on Asian silicon makers and reinvigorating US chipmakers.
Manufacturing incentives form the lion's share of the funding in the bill, at $39 billion, but there's also $2 billion for legacy chipmakers who make products critical to automotive and defense systems, $13.2 billion for research and workforce development, and $500 million for supply chain and networking security.
"America invented the semiconductor, but today produces about 10% of the world's supply—and none of the most advanced chips," the president's office said in a statement. "The CHIPS and Science Act will unlock hundreds of billions more in private sector semiconductor investment across the country, including production essential to national defense and critical sectors."
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