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CHIPS and Science Act Spurs Innovation and Investment, Faces Funding Allocation Challenges

Eighteen months after its enactment, the CHIPS and Science Act is driving significant innovation and investment in the U.S. semiconductor industry, though funding allocation remains highly competitive.

Overview

  • The CHIPS and Science Act, 18 months post-enactment, is driving innovation and supporting small businesses across the U.S. with over 40 new semiconductor projects and nearly $200 billion in private investments.
  • U.S. Secretary of Commerce Gina Raimondo emphasized the Act's success in building a resilient semiconductor industry and being good stewards of taxpayer dollars, with a focus on national security and technological leadership.
  • Over 600 companies have applied for $39 billion in CHIPS Act funding, but the majority will not receive funding due to a focus on targeted investments and operational projects by 2030.
  • The Act has spurred significant educational and workforce development initiatives, including new semiconductor curricula at over 50 community colleges.
  • The legislation prioritizes advanced chip manufacturing and foundational chips, essential for AI and critical infrastructure, while also supporting memory manufacturing expansion by companies like Micron and SK hynix.