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U.S. Congress passes CHIPS Act to boost semiconductor sector

Updated legislation seen helping in competition with China

Since 1990, the U.S. share of modern semiconductor-manufacturing capacity has fallen from 37% to 12%.   © Reuters

NEW YORK -- The U.S. House of Representatives on Thursday passed sweeping legislation that includes $52 billion for the American semiconductor industry as well as authorizes $200 billion in scientific research in areas including artificial intelligence and quantum computing.

The CHIPS and Science Act has been framed by policymakers as an essential part of U.S. competition with China, both economically and in terms of national security.

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