- On Thursday, the House of Representatives passed the CHIPS Act, one day after the legislation received bipartisan support in the U.S. Senate.
- The legislation was approved on a bipartisan basis, with 243 lawmakers voting in favor and 187 voting against. One lawmaker voted present.
- The bill, which includes $52B in subsidies for domestic production and a previously reported investment tax credit for chip plants that could be worth an estimated $24B over the next decade, will now go to President Biden's desk to sign into law.
- In addition to aid for the semiconductor industry, the bill also authorizes $200B to boost scientific research over the next 10 years.
- Affected stocks: Texas Instruments ( NASDAQ: TXN ), Advanced Micro Devices ( AMD ), Intel ( NASDAQ: INTC ), Nvidia ( NASDAQ: NVDA ), Taiwan Semiconductor ( NYSE: TSM ), Qualcomm ( QCOM ), KLA Corp. ( KLAC ), Applied Materials ( AMAT ), Lam Research ( LRCX )
- President Biden previously tweeted support for the CHIPS Act, noting that it will help America compete with China.
- Earlier this month, Bank of America said KLA Corp. ( KLAC ) was among several companies likely to benefit if the U.S. government passed stimulus for the industry .
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House passes CHIPS Act on bipartisan basis, goes to President Biden to sign into law