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CHIPS Act Passed by US Senate to Boost Domestic Chip Manufacturing, Compete With China

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The CHIPS Act was passed by the US Senate on Wednesday, with a rare bipartisan vote. The act is aimed at boosting companies in the US to compete with China, while attempting to reduce the ongoing component shortage affecting the industry. The CHIPS Act will provide for about $52 billion (roughly Rs. 4,14,754 crore) in government subsidies for US semiconductor producti…

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