Biden to Award Billions in Chip Subsidies to Spur Domestic Manufacturing
• Biden administration expected to award billions in subsidies to top chipmakers like Intel, TSMC, and Samsung • Aims to kickstart advanced chip manufacturing in the US to power devices and technologies • Intel has $43.5B in projects underway in multiple states; TSMC building $40B plants in Arizona • First subsidies announced in Dec 2022, more multi-billion awards expected before March State of Union • Part of $39B CHIPS Act passed by Congress to boost domestic chip production and reduce reliance on Asia