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Semiconductors are the lifeblood of the digital economy. The semiconductor industry has moved to the foreground of political discourse both in the United States and other countries. The pushes from America’s economic rivals and the challenges faced by its own domestic industry, coupled with supply chain shortages, prompted calls for the U.S. government to “do something” to
support the industry. The most visible response is the CHIPS Act, which allocates $39 billion in government funding for domestic semiconductor manufacturing facilities and billions more for semiconductor research and development (R&D) and workforce programs. 1
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