President Joe Biden recently highlighted the significance of the CHIPS and Science Act, emphasizing that it represents a substantial increase in research and development investment for the United States. This legislation, a key achievement for the Biden administration, received bipartisan support when it passed through Congress in the summer of 2022.
The primary objective of the CHIPS Act is to enhance domestic semiconductor chip manufacturing in the US. Despite the country's previous leadership in the industry, the US currently only produces approximately 10% of the global chip supply, lacking the most advanced chip varieties crucial for technologies like artificial intelligence.
