European Union Chips Act gets final approval from European Council
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The $47B Chips Act that the European Union provisionally passed in April has received final approval from the European Council, paving the way for the 27-country bloc to compete with the U.S. and Asia in the semiconductor industry.
"The Chips Act aims to create the conditions for the development of a European industrial base in the field of semiconductors, attract investment, promote research and innovation and prepare Europe for any future chip supply crisis," said HÃ©ctor GÃ³mez HernÃ¡ndez, Spanish Minister for Industry, Trade and Tourism, in a statement released Tuesday.
HernÃ¡ndez added that the program will utilize â¬43B in public and private investment, including â¬3.3B from the EU's budget with the goal of doubling the continent's global market share in semiconductors to at least 20% by 2030, up from 10% presently. 
In November, envoys of the 27-country bloc unanimously backed an amended version of a previous proposal from the European Commission.
Last month, Intel (NTC) finalized plans to invest â¬30B in Germany to build two semiconductor facilities as part of its manufacturing expansion plan in Europe. 
The Pat Gelsinger-led Intel (NASDAQ:INTC) has also worked to build a plant in Italy, having reportedly picked the town of Vigasio in the Italian region Veneto, roughly 70 miles west of Venice.
However, Gelsinger recently said that while Italy is still in the running for the plant, Intel (INTC) has opened its plans to other European countries amid continuing negotiations.
In 2022, Intel (INTC) said it would invest approximately $88B, or 80Bâ¬, in chip manufacturing in Europe over the next decade.
Separately on Tuesday, Germany's economic ministry said the country would invest roughly â¬20B in its domestic semiconductor over the next several years. The country is currently courting Taiwan Semiconductor (NYSE:TSM) to build a plant, the ministry added. 
However, GlobalFoundries (NASDAQ:GFS) CEO Thomas Caulfield recently raised issues about the level of subsidies Germany is prepared to give Taiwan Semiconductor, stating it would distort the market.
The U.S. passed its $52B CHIPs Act in August 2022 in an effort to reduce reliance on Asia amid rising geopolitical tensions and supply chain disruptions caused by the pandemic.
Related tickers: Samsung (OTCPK:SSNLF), Nvidia (NVDA), STMicroelectronics (STM), Advanced Micro Devices (AMD), Micron Technology (MU), Texas Instruments (TXN), Analog Devices (ADI)
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