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.

Further to the above, the Act also includes $2bn for the legacy chips used in automobiles and defence systems, $13.2bn in R&D and workforce development and $500m to provide for international information communications technology security and semiconductor supply chain activities.

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