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The Biden administration has revealed details of how it plans to invest $50 billion into kickstarting the US semiconductor industry, a month after President Joe Biden signed the CHIPS and Science Act.
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Around $28 billion is targeted for domestic production and investments in leading-edge logic and memory chip manufacturing. The department will seek proposals for constructing or expanding manufacturing.
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The government is looking to ramp up the production of older chips as well. Approximately $10 billion will go toward building semiconductors for cars, communications tech, medical devices and defense, as well as other critical commercial sectors. On top of that, the Commerce Department says $11 billion of the funding will go into research and development.