President Biden signs $52bn CHIPS Act into law
President Joe Biden has signed the ‘historic’ $52bn CHIPS Act into law to place the US as a forerunner in the semiconductor market and revitalise domestic manufacturing.
The US President on Thursday (9th August) implemented the industrial strategy that sets aside funding for new semiconductor programmes, including $39bn for a grant programme available to semiconductor manufacturers as well as equipment and materials suppliers.
The bipartisan $280B Chips and Science Act in essence merged the Endless Frontiers Act and the Chips for America Act -- a vital element of our mission to drive economic growth, maximize national security and combat China’s techno-economic aggression.
In 2020, the world's largest and most advanced chip maker, Taiwan Semiconductor Manufacturing Company (TSMC), announced a plan to build a 12 billion dollar plant in Arizona. What is the full strategic meaning of this onshoring for America?