US expected to announce billions in chip subsidies

THE BIDEN ADMINISTRATION is expected to award billions of dollars in subsidies to top semiconductor companies including Intel, and Taiwan Semiconductor Manufacturing Co in the coming weeks to help build new factories in the United States, the Wall Street Journal reported on Saturday.

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The forthcoming announcements are aimed at kick-starting manufacturing of advanced semiconductors that power smartphones, artificial intelligence and weapons systems, the WSJ reported, citing industry executives familiar with the negotiations.

The executives expect some to come announcements before US President Joe Biden's State of the Union address on March 7, the WSJ report added.