US companies have announced $50 billion in additional investments this week in semiconductor manufacturing with the signing of the CHIPS and Science Act, the White House said, Report informs referring to Anadolu Agency.
This brings the total private business investment to nearly $150 billion since President Joe Biden took office.
Computer memory and data storage firm Micron will announce a $40 billion investment in memory chip manufacturing, while semiconductor makers Qualcomm and GlobalFoundries are providing a new partnership worth $4.2 billion to expand a facility.
"The CHIPS and Science Act will boost American semiconductor research, development, and production, ensuring US leadership in the technology that forms the foundation of everything from automobiles to household appliances to defense systems," according to the White House.
The US produces around 10% of the world's semiconductor supply but it relies mostly on East Asia for 75% of global production, it noted.
"The CHIPS and Science Act will unlock hundreds of billions more in private sector semiconductor investment across the country, including production essential to national defense and critical sectors," it said.
The White House also provided the specific figure of the CHIPS and Science Act as $52.7 billion, which will help American semiconductor research, development, manufacturing and workforce development.