President Joe Biden signed the CHIPS and Science Act into law Tuesday morning, sending $52.7 billion to processor manufacturers over the next five years in an effort to help the United States reclaim its semiconductor industry prowess.
The legislation has already helped encourage smartphone chip designer Qualcomm to spend $4.2 billion with chipmaker GlobalFoundries to build processors in New York, the White House said in a fact sheet released Tuesday. And Micron will invest $40 billion in memory chip manufacturing capacity, the White House said, a move that could elevate the US share of memory chipmaking from 2% to 10%.
"The CHIPS and Science Act supercharges our efforts to make semiconductors here in America," Biden said in a speech Tuesday at the White House's Rose Garden. "America invented the semiconductor, and this law brings it back home."
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