After Biden signed the CHIPS Act, US chip makers are already committing billions to domestic manufacturing

Fish and chips... More like fishing for chips. Yesterday, President Biden signed the "CHIPS and Science Act" into law. The bipartisan win comes after nearly two years of negotiations. The $280B package features $52B for boosting US chip manufacturing. Picture: funding for American chip titans like Intel, AMD, and Micron. And chipmakers are already making moves spurred by CHIPS:

• Micron announced yesterday that it would invest $40B in US chip manufacturing through 2030 with the help of $$ from CHIPS. It also said that its investment would create up to 40K US jobs and that it expects to begin US production in the second half of the decade.
• Qualcomm committed to spending an extra $4.2B on chips from GlobalFoundries’ NY plant — and to boosting its US semiconductor manufacturing by 50% over the next five years.

Chips in the fridge… semiconductor chips, that is. Chips are critical to everything from smartphones and cars to military systems and medical equipment. But the US produces only one-tenth of the world’s chips and is heavily reliant on East Asia, which accounts for three-fourths of global chip production. Taiwan’s TSMC alone churns out 90% of the world’s advanced chips, and China’s only growing more dominant in its chip game.