CHIPS and Science Act Signed into Law

President Biden signs the CHIPS and Science Act (HR 4346), allocating $52.7 billion for domestic semiconductor manufacturing and R&D, including $39B in fab construction subsidies, $13B for semiconductor R&D/workforce, and a 25% investment tax credit for chip manufacturing. Designed to counter Chinese semiconductor dominance and reduce supply chain vulnerability. NSF and DOE science budgets also expanded significantly.