US earmarks billions for chip production as COVID-19 hits Taiwan
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The US Senate passed the Endless Frontier Act, funneling billions to bolster local chip manufacturing and technology sectors. The legislation aims to keep the US competitive with China, which is also pumping billions into its semiconductor research and manufacturing. Of the total $190 billion budget, the bill allocates in excess of $50 billion to "increase US production and research into semiconductors and telecommunications equipment."