"Biden Set to Unveil Billions in Subsidies for Advanced Chips"

The Biden administration is set to announce billions of dollars in subsidies for top semiconductor companies such as Intel and Taiwan Semiconductor Manufacturing Co to aid in the construction of new factories in the United States, with the aim of jumpstarting the manufacturing of advanced semiconductors crucial for smartphones, artificial intelligence, and weapons systems. The subsidies are expected to be announced before President Joe Biden's State of the Union address on March 7, with Intel, TSMC, Samsung Electronics, Micron Technology, Texas Instruments, and GlobalFoundries among the likely recipients. This move is part of a larger effort to reshape U.S. chip production and reduce reliance on overseas manufacturing.