TECH - Biden Reportedly Plans Billion-dollar Chip Initiative Ahead Of Elections: Eyes On Intel Taiwan Semiconductor And More | Benzinga
Ahead of the elections, the Biden administration is reportedly set to announce subsidies worth billions of dollars for major semiconductor companies, including Intel (NASDAQ:INTC) and Taiwan Semiconductor Manufacturing Co. (NASDAQ:TSM) under the $53 billion Chips Act.
The law aims to reshore advanced microchip production to the U.S., countering China’s growing chip industry, reported The Wall Street Journal.
The slow implementation of the bipartisan 2022 Chips Act, frustrated by permitting, negotiations, and worker shortages, has led to only two small grants being awarded out of 170 applications, the report read.
However, industry executives anticipate announcements for larger sums, in the billions, to jumpstart the production of advanced semiconductors powering smartphones, AI and weapons systems.
The expected announcements, likely ...