The CEO of semiconductor giant Intel Corp (NASDAQ: INTC), Pat Gelsinger, tweeted his praise for the U.S. Senate’s sweeping bipartisan vote (64 to 33) on the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act. The $280 billion CHIPS Act aims to support domestic chip manufacturing in the U.S. while attempting to reduce dependency on China and other nations. It also aims to skirt the persistent chip shortage issue, which has been hampering the production of everything from cars to phones and medical equipment in the U.S.
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