US firms declare USD50 billion in extra funding in chips, sc...| MENAFN.COM

Sunday, 25 September 2022 05:26 GMT

US firms declare USD50 billion in extra funding in chips, science bill


(MENAFN) US firms declared USD50 billion in extra investments this week in semiconductor production with the adoption of the CHIPS as well as Science Act, the White House stated on Tuesday.

This brings the overall private business funding to almost USD150 billion since leader Joe Biden took the lead, Biden is anticipated to ink the bill into law later Tuesday.

As stated by the White House "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."

The US manufactures nearly 10 percent of the world's semiconductor provision but it depends mainly on East Asia for 75 percent of worldwide manufacture, it mentioned.

Adding that "The CHIPS and Science Act will unlock hundreds of billions more in private sector semiconductor investment across the country, including production essential to national defense and critical sectors.”

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