Biden signs chips law
President Biden signed into law on Tuesday bipartisan legislation to provide billions of dollars in incentives to the domestic semiconductor industry and fund scientific research that proponents say will help boost U.S. competitiveness and solve supply chain challenges.
“Today is a day for builders. Today America is delivering,” Biden said at the bill signing event at the White House. “And I, honest to God, believe that 50, 75, 100 years from now, people who will look back on this week, they’ll know that we met this moment.”
- The bill — formally known as the CHIPS and Science Act — passed the Senate and House at the end of July, after more than a year of work on Capitol Hill and multiple iterations of the legislation.
- The legislation includes more than $50 billion in incentives for manufacturers of semiconductors, or chips, to build domestic semiconductor plants. It also includes more than $80 billion for the National Science Foundation authorized over five years to support innovation and research.
Micron’s investment: The same day as executives at Micron and other chipmakers joined the president at the signing of the CHIPS and Science Act, Micron Technology said it plans to invest $40 billion in U.S. semiconductor manufacturing after Congress approved massive chip subsidies.
The Boise, Idaho-based chipmaker said that the investment will create 40,000 new jobs including 5,000 highly paid technical and operational roles and bring the “world’s most advanced memory manufacturing” to the U.S.