Business & Economics
The CHIPS and Science Act: Why the USA Invests $52.7 Billion in Its Semiconductor Industry
Whether in mobile phones, data centers, or cars – microchips are everywhere, and ongoing shortages affect countless industries worldwide. To boost innovation in the United States, Joe Biden recently signed the $280bn CHIPS and Science Act 2022, of which a large part, $52.7bn, is earmarked for the semiconductor industry. What justifies such an enormous government investment in one industry?