From CNET: President Joe Biden will sign the CHIPS and Science Act of 2022 into law on Aug. 9 in a Rose Garden ceremony, the White House said in a press statement Wednesday, a move that will flood $52.7 billion in funding to US chipmakers over five years.
The bill should help companies like Intel and GlobalFoundries compete with Asian processor manufacturers like Taiwan Semiconductor Manufacturing Co. (TSMC) in Taiwan, Samsung in South Korea and Semiconductor Manufacturing International Corporation (SMIC) in China.
The bill is designed to help tech companies in the US cut the enormous expense of chip manufacturing to help ensure a supply of the electronic brains that are critical to cars, computers, weapons systems, dishwashers, toys and just about any other product today that uses electricity. The extent of the US reliance on those processors became clear over the last two years when a global chip shortage halted shipments of many of those products, harming businesses and forcing automakers to shut down car plants.
Congress approved the measure last week with a 243-187 vote in the House of Representatives and a 64-33 vote in the Senate, largely with Democratic support but also with some Republicans on board.
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