WASHINGTON DC – President Joe Biden signed the CHIPS and Science Act into law Tuesday morning, sending $52.7 billion to processor manufacturers over the next five years in an effort to help the United States reclaim its semiconductor industry prowess. It also will help move to customers Detroit-made vehicles on storage lots missing microprocessors.
The legislation has already helped encourage smartphone chip designer Qualcomm to spend $4.2 billion with chipmaker GlobalFoundries to build processors in New York, the White House said in a fact sheet released Tuesday. And Micron will invest $40 billion in memory chip manufacturing capacity, the White House said, a move that could elevate the US share of memory chipmaking from 2% to 10%.
The chip shortage due primarily to disrupted supply lines from the pandemic frustrated consumers eager to lap up PlayStation 5 game consoles and shuttered US auto plants as crucial electronic components stalled manufacturing. The shortage also provided a measure of rare bipartisan support for the CHIPS Act, which passed with a 243-187 vote in the House of Representatives and a 64-33 vote in the Senate in late July.
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