Billions Start Flowing to Chip Makers for New U.S. Factories

On Monday, the Biden administration declared its intention to allocate $1.5 billion in government funds to support the expansion of domestic production by the computer chip company GlobalFoundries in New York and Vermont.

This announcement marks the third instance of direct financial assistance granted to a semiconductor company under the 2022 CHIPS and Science Act.

Enacted to address the challenges in the semiconductor industry, this law empowers the government to invest over $52 billion, aiming to rejuvenate computer chip manufacturing in the United States and promote advancements in research and development, the Associated Press reported.

READ MORE: https://apnews.com/article/computer-chips-biden-new-york-schumer-globalfoundries-fe69bb214354695769dd615de4f9c221

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