Biden to announce $53 billion in funding from CHIPS Act for US semiconductor companies

The Biden administration is expected to award billions of dollars to some of the leading semiconductor manufacturing companies in the world as part of its effort to help the United States compete with China and make its semiconductor factories.

The White House is expected to award billions of dollars in subsidies to Intel, the Taiwan-based TSMC, and other semiconductor manufacturers in the next few weeks, according to the Wall Street Journal.

These subsidies will be part of Biden’s Chips and Science Act, which set aside $53 billion to help chipmakers make new chip manufacturing plants, aka “fabs,” in the United States. These funds will help the companies make more advanced semiconductors, which will be used for high-end technology such as artificial intelligence and military weapons. The factories are also intended to help the U.S. wean off its
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