10 Facts about the CHIPS Act

  1. The CHIPS (Creating Helpful Incentives to Produce Semiconductors) Act was signed into law by President Biden on August 9, 2022.
  2. The Act provides more than $52 billion in funding for semiconductor research, development, production, and workforce training in the US.
  3. The primary goal of the CHIPS Act is to reduce the US’s dependence on imports of semiconductors from Asia, particularly China, and to position the US as a global leader in the semiconductor industry.
  4. The CHIPS Act is intended to strengthen the US economy and national security by improving the resilience of the country’s supply chains and increasing domestic production.
  5. The CHIPS Act is a response to the challenges faced by the semiconductor industry in recent years, including supply chain disruptions caused by the Covid-19 pandemic and geopolitical tensions.
  6. The CHIPS Act is part of a broader effort by the US and other countries to bring semiconductor production closer to home and reduce reliance on imports from Asia.
  7. The CHIPS Act has the potential to create jobs and stimulate economic growth in the US, particularly in the semiconductor industry and related sectors.
  8. The CHIPS Act has received support from a wide range of stakeholders, including industry groups, lawmakers, and government agencies.
  9. The CHIPS Act includes provisions to support the development of advanced semiconductor manufacturing technologies, including through partnerships with academia and the private sector.
  10. The CHIPS Act also includes provisions to support the development of a skilled workforce in the semiconductor industry, including through grants and scholarships for training and education. This is seen as critical to supporting the growth of the industry and ensuring that the US has the necessary talent to compete globally.