The bill provides more than $52 billion in funding for U.S. semiconductor companies, as well as billions more in tax breaks to encourage investment in chipmaking.
The president Joe Biden signed into law a bipartisan bill aimed at strengthening US competitiveness against the Chinain a privileged “battlefield” for Beijing, semiconductor production.
The White House said that already many companies, “spurred” by the chip bill, have announced more than $44 billion in new investments in semiconductor manufacturing.
The bill provides funds over $52 billion for US semiconductor companies, as well as billions more in tax breaks to encourage investment in semiconductor manufacturing. It also provides tens of billions of dollars to fund scientific research and development and to stimulate US innovation and other technology development.
The Biden administration also argued that the legislation would “unlock hundreds of billions more” to boost private investment in the industry. The White House said Tuesday that many companies, “spurred” by the chip bill, have announced more than $44 billion in new investments in semiconductor manufacturing.
Of this amount, $40 billion comes from an investment by the American company Micron in the manufacture of memory chips. The White House said the company’s initiative will bring 8,000 new jobs and will increase the US market share in memory chip production to 10% from 2% today.
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