US corporations announce fresh assets of USD50B in CHIPS, Sc...| MENAFN.COM

Sunday, 25 September 2022 05:58 GMT

US corporations announce fresh assets of USD50B in CHIPS, Science Act


(MENAFN) With the signing of the CHIPS and Science Act, United States corporations announced USD50 billion in new investments in semiconductor production, according to the White House on Tuesday.

Since President Joe Biden began office, private corporate investment has totaled close to USD150 billion. Later on Tuesday, Biden is anticipated to sign the legislation into law.

Micron, a company that specializes in computer memory and data storage, is going to reveal a USD40 billion investment in the production of memory chips, while Qualcomm and GlobalFoundries, two other semiconductor companies, is going to unveil a new cooperation for a USD4.2 billion facility expansion.

The White House stated that "the CHIPS and Science Act will boost American semiconductor research, development, and production, ensuring U.S. leadership in the technology that forms the foundation of everything from automobiles to household appliances to defense systems."

It was highlighted that although the United States provides about 10 percent of the world's supply of semiconductors, 75 percent of the output worldwide is still largely dependent on East Asia.

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