US Senate okays $50bn boost for chip makers
US semiconductor companies have got their prize. The US Senate has responded to the industry’s lobbying by agreeing a $50bn spend which will be used to build new wafer fabs.
It is a move designed to counter international competition, most particularly from China, and concerns that much of US semiconductor output is outsourced to companies in Taiwan.
"I believe that this legislation will enable the United States to out-innovate, out-produce, and out-compete the world in the industries of the future," Senate majority leader and co-sponsor of the bill Chuck Schumer said on the Senate floor.
The bill passed by the US Senate also provides $120bn to boost research and development in to artificial intelligence and quantum computing.
Before it becomes law the bill must be passed by the US House of Representatives.