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- A group of U.S. senators are on the verge of unleashing a $52-billion proposal to drive the U.S. semiconductor chip production and research over five years to tackle the growing Chinese semiconductor production and crisis impacting the automakers and other U.S. industries Reuters reports.
- The proposal includes $49.5 billion in emergency added appropriations to fund the chip provisions included in this year’s National Defense Authorization Act.
- The proposal includes $39 billion in production, R&D incentives, and $10.5 billion to implement programs including the National Semiconductor Technology Center, National Advanced Packaging Manufacturing Program, and other R&D programs, based on the draft summary.
- President Joe Biden had sought a $50 billion Congressional funding to drive U.S. semiconductor production and research.
- Intel Corp (NASDAQ: INTC) assured support to tackle the auto industry semiconductor chip crisis during a meeting with President Biden.
- Chip buyers like Apple Inc (NASDAQ: AAPL), Microsoft Corp (NASDAQ: MSFT), Alphabet Inc’s (NASDAQ: GOOGL) (NASDAQ: GOOG) Google, joined chip-makers like Intel to seek $50 billion in Congressional funding for a domestic semiconductor production boost.
- U.S. share of semiconductors and microelectronics production plummeted from 37% in 1990 to just 12% at present.
- The Chinese Communist Party had invested over $150 billion in semiconductor manufacturing.
- Price action: INTC shares traded higher by 2.95% at $55.60 on the last check Friday.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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