On August 2, President Biden signed the CHIPS and Science Act (CHIPS Act) into law, allocating $280 billion in funding and tax incentives to boost domestic production and innovation in the semiconductor industry and broader science and technology-related industries. The bill, which passed the Senate by a vote of 64-33, aims to make the United States more competitive with China in science, technology, engineering and math (STEM) while addressing national security related to these emerging technologies.
Auto manufacturers applauded the new law. They hope the incentives to manufacture semiconductors in the U.S. will eventually alleviate the shortage of impacting auto
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