Biden announces first CHIPS Act funding awards for semiconductor manufacturing

President Biden announces the first funding awards under the CHIPS and Science Act, providing $35 million to BAE Systems for semiconductor manufacturing in New Hampshire and additional funding for Microchip Technology in Colorado. The awards represent the initial phase of $52.7 billion in semiconductor manufacturing subsidies authorized by the 2022 law. The administration emphasizes that the funding will create jobs, strengthen national security, and reduce dependence on foreign chip manufacturing, particularly in China. The awards are part of a broader strategy to revitalize American semiconductor manufacturing.