Biden Signs CHIPS Act to Law Advancing US Semiconductors over China’s

Story Highlights
  • Biden signs $ 5.27 bill to help US reclaim semiconductor industry prowess.
  • Qualcomm to spend to $4.2 billion worth of semiconductor chips from GlobalFoundries' .
  • “A once-in-a-generation investment in America itself, said Biden signing the bill.

Washington: On Tuesday, President Joe Biden signed the CHIPS and Science Act into law that would provide $52.7 billion in grants for American semiconductor chip manufacturing and research which will help the country to compete with China’s advances in science and technology.

The future will be created in America, Biden said, who called the initiative “a once-in-a-generation investment in America itself.”

Biden praised the expenditures that chip companies are making despite the fact that it is yet unknown when the US Commerce Department will create regulations for evaluating grant awards as well as how long it will take to fund projects.

To witness the signing of the long-awaited chips bill in Congress, some Republicans joined Biden on the lawn of the White House.

The signing was attended by the governors of Pennsylvania and Illinois, the mayors of Detroit, Cleveland, and Salt Lake City, as well as lawmakers, along with the chief executives of Micron (MU.O), Intel (INTC.O), Lockheed Martin (LMT.N), HP (HPQ.N), and Advanced Micro Devices (AMD.O).

The White House claimed that fresh chip investments had been stimulated by the bill’s passage. It was mentioned that Qualcomm (QCOM.O) on Monday agreed to purchase an extra $4.2 billion worth of semiconductor chips from GlobalFoundries’ (GFS.O) New York facility, raising its total purchase commitment to $7.4 billion through 2028.

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