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The United States government's CHIPS and Science Act is designed to boost semiconductor competitiveness domestically by supporting innovation and offering greater protection to the country's national security. The CHIPS and Science Act totals close to 200 billion U.S. dollars in funding over the next 10 years, with around 50 billion U.S. dollars directed towards semiconductor manufacturing as well as research and development (R&D).

The U.S. will look to build on its existing strengths

The U.S. is a key market within the global semiconductor industry, and also leads in R&D activities such as electronic design automation, core intellectual property, chip design, and advanced manufacturing equipment. Moreover, the U.S. boasts a wide array of companies across the semiconductor industry landscape, from integrated device manufacturers such as Intel and Micron, to chip design firms including Qualcomm and Nvidia.

Investment in the chip industry is a priority globally

The U.S. is not alone in developing strategies to increase semiconductor manufacturing capacity and aid research into chip technology innovation. In Europe, the European Chips Act sets out plans for ** billion euros of public and private investment as it seeks to increase its market share by value in leading-edge semiconductors to ** percent in the next decade. Meanwhile, in China the government is introducing an array of plans to build a competitive domestic semiconductor industry. The most prominent campaign is China’s “Made in China 2025” initiative.