US reports big interest in $52 billion semiconductor chips funding
semiconductor subsidy funding in a bid to boost the country's competitiveness with China's science and technology efforts. The White House is marking the one-year anniversary on Wednesday of President Joe Biden's signing of the landmark «Chips for America» legislation providing $52.7 billion in subsidies for US semiconductor production, research and workforce development.
Biden said in a statement that companies have announced $166 billion in semiconductors and electronics manufacturing over the last year, adding the law will «make America once again a leader in semiconductor manufacturing and less dependent on other countries for our electronics or clean energy supply chains.» The Commerce Department began accepting applications in June for the $39-billion subsidy program for US semiconductor manufacturing as well as equipment and materials for making chips but has not yet issued awards. «We're finally making the investments that are long overdue to secure our economic and national security,» Commerce Secretary Gina Raimondo told reporters.
«We need to move quickly but it's more important we get it right.» A senior Commerce Department official told reporters the department is moving quickly: «We are in active dialogue with applicants and we expect to be announcing major progress in the months ahead.» The chips law also includes a 25% investment tax credit for building chip plants, estimated to be worth $24 billion. Intel CEO Pat Gelsinger said Tuesday «governments around the world are working at a historic pace to revitalize semiconductor manufacturing and ensure a robust, resilient supply chain.
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