The Biden administration allocated $6.5bn to the CHIPS and Science Act to boost domestic semiconductor production and reduce dependence on China.
The Biden administration has allocated $6.5bn to the CHIPS and Science Act, aiming to boost domestic semiconductor production and reduce dependence on foreign countries, particularly China. The act will establish a National Semiconductor Technology Center (NSTC) and provide $1.5bn to GlobalFoundries, a semiconductor manufacturing and design company, to increase US output. Critics argue the act's protectionist, expensive nature socialises risk and privatises profits.
February 21, 2024
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