President Joe Biden signed an executive order on Aug. 25 to direct the implementation of the $280 billion CHIPS Act, designed to boost domestic manufacturing and research related to semiconductors.
The order will start the flow of cash to companies like Intel, which will now begin to build fabrication sites in the United States.
“The Act … will make transformative investments to restore and advance our Nation’s leadership in the research, development, and manufacturing of semiconductors,” said an associated White House statement released on Thursday.
The statement also said that the funds would reduce “dependence on critical technologies from China and other vulnerable or overly concentrated foreign supply chains.”…