U.S. President Biden Signs the Chip and Tech Act of 2022

According to media reports, US President Biden signed the "CHIPS and Science Act of 2022" (CHIPS and Science Act of 2022) at more than 10 am Washington time on Tuesday.

"Today is a day for builders," Biden said at the signing ceremony outside the White House, attended by hundreds, including tech executives, union presidents and political leaders from both parties.

Representatives from both houses of Congress, Secretary of Commerce Raimondo and Joshua Aviv, CEO of SparkCharge, an electric vehicle charging system company, made speeches.

Micron CEO Sanjay Mellotra, Intel CEO Patrick Gelsinger, Hewlett Packard CEO Enrique Lores, AMD CEO Su Zifeng and Lockheed Martin CEO James Teck Wright and others were also there.

The bill includes more than $52 billion in funding for U.S. companies that make computer chips, as well as billions of dollars in tax credits to encourage investment in semiconductor manufacturing. It also provides tens of billions of dollars to fund scientific research and development and stimulate innovation and development in other U.S. technologies.

Encouraged by the new law, several companies have announced nearly $50 billion in investments, all to make chips, the White House said. Biden said the bill would not only stimulate domestic investment in the United States, but could also create thousands of new jobs.

Micron announced on Aug. 9 that it plans to invest $40 billion by the end of 2030 to build cutting-edge memory manufacturing operations in the U.S. in stages. The investment will create up to 40,000 jobs, including 5,000 highly paid technical and operations staff.

Qualcomm yesterday agreed to purchase another $4.2 billion in chips from GlobalFoundries' New York factory, bringing the total commitment to $7.4 billion by 2028. Micron also announced a $40 billion investment in memory chip manufacturing, which would boost its U.S. market share from 2 percent to 10 percent.