On July 19th, the U.S. Senate passed the CHIPS (Creating Helpful Incentives to Produce Semiconductors for America Act) in a 64-34 procedural vote. This bill will reportedly be put to a vote in Congress for final passage by the end of next weekend.
In addition to providing funding and tax credits for chipmakers in the U.S., the CHIPS Act also added guardrail provisions that would ban recipients of American chips funding from making investments to establish or expand chip manufacturing capacity in Communist China or other countries with potential threats. This move aimed at preventing chipmakers from using American funding to help the chip industry develop in countries of security concerns.
Over the past decades, the U.S. chip industry has been substantially transferred to Asia with a cost advantage, and its domestic chip production capacity has fallen from 37% in 1990 to 12% today. In general, the CHIPS Act demonstrates the U.S. determination to revitalize the chip industry and maintain global leadership.
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