The CHIPS Act Passes Congress to Boost US Semiconductor Production

Congress passed the CHIPS and Science Act on Thursday, a $280 billion package that includes $52 billion in funding available to companies that manufacture semiconductor chips stateside. It's a bipartisan push to reestablish American leadership in a technology that's increasingly vital to the US economy and its strategic goals. Although chipmaking was pioneered in the US and Intel dominated the global market for advanced computer chips for decades, competition from Asian firms and Intel's own missteps have seen that influence wane considerably in recent years. The proportion of chips made in the US has fallen from 37 percent in 1990 to 12 percent today. But while industry leaders are hopeful that the new funds will help fuel a resurgence, regaining an edge in chipmaking will require not just money, but spending it the right way.