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US Lays Out $50 Billion Chips Plan and May Issue Funds in the Spring
Posted
September 6, 2022
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1:01Now PlayingThe Biden administration published its strategy for subsidizing US output of semiconductors, with the first phase of funding potentially being rolled out next spring, Commerce Secretary Gina Raimondo said.
Smaller, simpler projects involving expansion of existing facilities will be the first to receive funds, followed by more complex projects for so-called leading-edge chips, which the US currently doesn’t produce but consumes more than 25% of global supply, Raimondo told reporters in Washington Tuesday.
The plan -- known as Chips for America -- allocates $28 billion for domestic production of leading-edge logic and memory chips, about $10 billion for new capacity to build current-generation chips and semiconductors, and $11 billion for a new National Semiconductor Technology Center, manufacturing institutes, and other development programs, the Department of Commerce said in a statement accompanying the strategy’s release.
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