Article originally appeared on www.zerohedge.com.
Two years after Biden’s $53BN CHIPS act did nothing at all to boost the US semiconductor industry – which has instead enjoyed a hope and hype-driven supercycle thanks to the general public’s relentless and erroneous fawning over chatbots and AI which, if successful, will leave hundreds of millions unemployed – here comes the president with the inevitable double down.
According to the WSJ, the Biden administration is expected to soon award billions of dollars in new subsidies to Intel, Taiwan Semiconductor and other top semiconductor companies to help build new factories, as part of a push to highlight the administration’s “signature economic initiative” as elections approach.
Intel CEO Pat Gelsinger holds a semiconductor chip during a Senate hearing in 2022; Photo: Zuma Press
The grants are part of the $53 billion Chips Act, which intended to reshore production of advanced microchips and fend off China, which is fast developing its own chip …
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