Biden administration reveals details of its $50 billion chip investment plan
. The Commerce Department says the funding will"revitalize the domestic semiconductor industry and spur innovation while creating good-paying jobs in communities across the country."
Over half of the CHIPS for America Fund has been earmarked for boosting production of logic and memory chips in the US using the most advanced processes available. The agency plans to disburse the funds through grants and loans, which will be used to build and expand facilities for making, testing, assembling and packaging chips.
The government is looking to ramp up production of older chips as well. Approximately $10 billion will go toward building semiconductors for cars, communications tech, medical devices and defense, as well as other critical commercial sectors. On top of that, the Commerce Department says $11 billion of the funding will go into research and development.You can disable notifications at any time in your settings menu.
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