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CHIPs and Science Act Aims to Preserve U.S. Technology Edge

Sep 21, 2022 1:45:22 PM
written by The Retirement Group

The CHIPs and Science Act of 2022, signed into law on August 9, is a bipartisan legislation package that provides more than $50 billion in direct financial assistance for semiconductor companies to increase U.S.-based design, research, and manufacturing capabilities. In addition, the legislation authorizes nearly $170 billion in federal funding over five years for research and development (R&D) programs in strategic areas of science and technology, such as artificial intelligence, quantum computing, wireless communications, clean energy, and precision agriculture.

In a significant expansion of industrial policy, federal subsidies are being offered to help reduce the nation's reliance on semiconductors produced mostly overseas and forge a more resilient supply chain. The largest-ever U.S. investment in public R&D (in dollar terms) is intended to fuel technological innovation more broadly and help ensure U.S. economic competitiveness — primarily against China — in the future.

CHIP independence
A semiconductor (also called a microchip or chip) is a tiny set of electronic circuits on a small piece of silicon or germanium. A single advanced chip may have more than 50 billion microscopic transistors. Chips power nearly all electronic devices used by consumers, including computers, mobile phones, vehicles, and medical devices. The crucial role that chips play in the economy became more evident during the pandemic, when a surge in demand kicked off a global shortage that disrupted supply chains and later helped drive up inflation. A dependable supply of chips is also important for national security reasons — the U.S. Department of Defense purchases 1.9 billion semiconductors annually for its communications and weapons systems.1


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posted in Financial Planning, Science, Technology

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