Biden poised to sign off on CHIPS and Science Act
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Semiconductor talk is resurfacing Tuesday morning ahead of President Biden's expected signature on the CHIPS and Science Act at 10 a.m. ET. The bill is seen as a competitive win for the industry, especially with regards to China, though it is still unclear how and when the Commerce Department will review grant awards or decide to underwrite projects. The Chinese Embassy in Washington has lobbied against the legislation, saying it "firmly opposed" the bill and it had echoes of "Cold War mentality."
Latest announcement: Micron Technology (MU) plans to invest $40B through the end of the decade to build leading-edge memory manufacturing in multiple phases in the U.S. The planned investment, the largest in memory manufacturing in American history, will ultimately create up to 40K new jobs including approximately 5,000 highly paid technical and operational roles. Specific expansion plans and other details will be finalized in the coming weeks.
"This legislation will enable Micron to grow domestic production of memory from less than 2% to up to 10% of the global market in the next decade, making the U.S. home to the most advanced memory manufacturing and R&D in the world," noted CEO Sanjay Mehrotra.
Another one: Qualcomm (QCOM) has agreed to buy an additional $4.2B in semiconductor chips from GlobalFoundries' (GFS) factory in New York. The deal specifically covers chips related to 5G wireless transceivers, Wi-Fi, automotive and Internet of Things [IoT] connectivity technologies. It will also more-than-double Qualcomm (QCOM) and GFS's (GFS) current manufacturing agreement and bring total commitments to $7.4B in purchases through 2028.
Related: Nvidia (NVDA), AMD (AMD), Intel (INTC), Applied Materials (AMAT), Broadcom (AVGO), Texas Instruments (TXN) and Taiwan Semiconductor Manufacturing (TSM).