Biden Administration to Announce Billions in Subsidies for Chip Manufacturing

The move, part of the $53 billion Chips Act, aims to boost domestic production and counter China's growing chip industry.

The Biden administration is expected to announce billions of dollars in subsidies for major semiconductor companies, including Intel and Taiwan Semiconductor Manufacturing Co., to boost domestic chip production.
The subsidies are part of the $53 billion Chips Act, signed into law in 2022, aimed at reshoring advanced microchip production to the U.S. and countering China’s growing chip industry.
So far, only two small grants have been awarded from the Chips Act, frustrating industry leaders with the slow pace of industry awards.
The precise size of the grants is unclear, but industry executives expect them to be measured in the billions of dollars.
The announcements are expected to be made ahead of Biden’s State of the Union address on March 7.