$39 billion out of the $52 billion is an incentives grants and other kinds of loans to help companies, private companies that would like to produce in the US. That goes to building out factories. It goes to helping with workforce development. There's a shortage of hundreds of thousands of workers that these companies are going to need in the coming years just aren't there.
Since the CHIPS and Science Act passed in 2022, the US Commerce Department has been working to create a network of research and development sites around the country, as part of the National Semiconductor Technology Center. The goal: to rebuild America’s domestic semiconductor capacity and competitiveness.
Bloomberg reporter Eric Martin breaks down the CHIPS Act and what this tech center aims to accomplish. And Dr. Sarah Kreps, a government professor and Director of the Cornell University Tech Policy Institute, looks at the geopolitics and national security interests involved in moving US chip innovation forward.
Read more: Biden Is Setting Up an $11 Billion Chips Network to Bolster US National Security.
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