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Biden signs bill boosting US chip manufacturing as he kicks off victory lap

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President Joe Biden on Tuesday signed into law a bill aimed at boosting American chip manufacturing as he kicked off a victory lap to celebrate a string of wins in Washington.
President Joe Biden on Tuesday signed into law a bill aimed at boosting American chip manufacturing as he kicked off a victory lap to celebrate a string of wins in Washington.
The CHIPS and Science Act will invest more than $200 billion over the next five years in a bid to help the US regain a leading position in semiconductor chip manufacturing. It is aimed at lowering the cost of goods, making the US less reliant on foreign manufacturing and mitigating supply chain disruptions in the wake of the Covid-19 pandemic.
Biden on Tuesday described the law as a “once-in-a-generation investment in America itself.”
“Today America is delivering, delivering, and I honest to God believe that 50, 75, 100 years from now from people who will look back on this week, they’ll know that we met this moment,” Biden said at an event on the White House South Lawn.
The President, who recently emerged from isolation after a rebound case of COVID-19, coughed throughout his speech.
The event was attended by union leaders, industry executives from companies such as HP and Intel, congressional leaders from both sides of the aisle and state elected officials. Senate Majority Leader Chuck Schumer, House Speaker Nancy Pelosi and Secretary of Commerce Gina Raimondo also spoke at the event.
According to the White House, companies this week announced nearly $50 billion in additional investments in American semiconductor manufacturing as a result of the newly passed legislation.
“Micron is announcing a $40 billion investment in memory chip manufacturing, critical for computers and electronic devices, which will create up to 40,000 new jobs” in construction and manufacturing, a White House fact sheet says. “This investment alone will bring the U.S. market share of memory chip production from 2 percent to 10 percent.”
Additionally, Qualcomm and GlobalFoundries are announcing a new partnership that includes $4.

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