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Today: March 02, 2024

Biden administration announces $5 billion commitment for research and development of computer chips

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Biden administration announces $5 billion commitment for research and development of computer chips
AP
JOSH BOAK
February 09, 2024

WASHINGTON (AP) — The Biden administration on Friday will announce the investment of $5 billion in a public-private consortium aimed at supporting research and development in advanced computer chips.

The National Semiconductor Technology Center is being funded through the CHIPS and Science Act. That 2022 law aims to reinvigorate the computer chip sector within the United States through targeted government support.

“We need to be building for the future and that means making investments in R&D," Commerce Secretary Gina Raimondo said to reporters in a call previewing the financial commitment.

The center would help to fund the design and prototyping of new chips, in addition to training workers for the sector. Companies say they need a skilled workforce in order to capitalize on the separate $39 billion being provided by the government to fund new and expanded computer chip plants. Labor Department data say that about 375,000 people are employed in the production of computer chips with an average income of $82,830.

Industry leaders and stakeholders plan to gather at the White House on Friday for the announcement, according to government officials.

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