Biden plans a speedy rollout for chips funding
President Joe Biden isn’t wasting any time in rolling out the $280 billion law to boost domestic semiconductor manufacturing. On Thursday, Biden signed an executive order to get the money flowing out to companies like Intel who want to build fabrication sites in the US.
Biden officially signed the CHIPS and Science Act into law two weeks ago, but Thursday’s order sets the sweeping American innovation project into motion. Biden’s swift implementation signals the administration’s urgency to boost US competitiveness against China and alleviate an incessant chip shortage that’s affected a wide variety of industries like automakers and gaming devices.
It’s still unclear when the Commerce Department will officially make its $52 billion in...