(Reuters) – The U.S. Department of Commerce released its plan for implementing its $50 billion program to subsidize domestic chip manufacturing and expand research early on Tuesday.
The CHIPS – Creating Helpful Incentives to Produce Semiconductors – for America Fund is meant to boost efforts to make the United States more competitive with China’s science and technology efforts.
Specific guidance for companies on how to make applications will be released by early February 2023, the Department said in its statement.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Andrew Heavens)
