President Biden signs bill to boost US chips, compete with China

President Joe Biden has signed a landmark bill to provide $52.7 billion in subsidies for U.S. semiconductor production and research and to boost efforts to make the United States more competitive with China's science and technology efforts.

"The future is going to be made in America," Biden said on August 9, calling the measure "a once-in-a-generation investment in America itself," according to Reuters. 

Biden touted investments that chip companies are making even though it remains unclear when the U.S. Commerce Department will write rules for reviewing grant awards and how long it will take to underwrite projects.

The White House said the bill's passage was spurring new chip investments. It noted that Qualcomm on August 8 agreed to buy an additional $4.2 billion in semiconductor chips from GlobalFoundries' New York factory, bringing its total commitment to $7.4 billion in purchases through 2028.