Biden signs CHIPS and Science Act $52.7 billion for semiconductors $200 billion for research

President Biden signs the CHIPS and Science Act at a White House ceremony attended by Intel CEO Pat Gelsinger, Micron CEO Sanjay Mehrotra, and other industry leaders. The $280 billion law appropriates $52.7 billion for domestic semiconductor manufacturing grants and research, including a 25% investment tax credit for chip fabrication, and authorizes approximately $200 billion for scientific research over 10 years through NSF, NIST, and DOE. Biden argues the law directly responds to the COVID-era chip shortage that idled auto plants and raised consumer electronics prices. Commerce Secretary Raimondo oversees CHIPS office. The law ultimately attracts over $200 billion in private chipmaking investment announcements within 18 months.