CHIPS Act signed into law

The CHIPS and Science Act includes a historic investment to surge production of American-made semiconductors, tackle supply chain vulnerabilities to make more goods in America, revitalize America’s scientific research and technological leadership, and strengthen America’s economic and national security at home and abroad.

The CHIPS and Science Act is a $280 billion package that includes a $52.7 billion budgetary provision for the American semiconductor industry. Of that number, around $39 billion is designated for manufacturing incentives, including $2 billion for already-designed chips currently used in automobiles and defense systems.

Another $13.2 billion is targeted at R&D and workforce development, with an additional $500 million destined for international information communications technology security and semiconductor supply chain activities.

The Act also includes around $1.5 billion for promoting and deploying wireless technologies that use open and interoperable radio access networks and additional funds for investments in innovation and technology hubs.