Chip stocks rise as Biden unveils $5B CHIPs Act plan to establish R&D consortium

News Snapshot:

Semiconductor stocks rose on Friday after President Biden's administration unveiled a $5B semiconductor research consortium in an effort to enhance processor design and hardware innovation. The initiative will formally establish the National Semiconductor Technology Center and become the second major research and development investment from the CHIPs & Science Act, a hallmark legislation signed in 2022. The $52B CHIPs Act was designed to enhance the domestic semiconductor industry by providing manufacturing and research and development incentives. A location for the NSTC headquarters has not yet been selected, though Dr. Laurie E. Locascio, Commerce Undersecretary for Standards and Technology, told Bloomberg...