EU approves $47B Chips Act to boost semiconductor production.

The European Union has approved the European Chips Act, a $47 billion package of public and private investments aimed at boosting the bloc's chip industry and securing control over a critical bit of technology behind the world's electronics products and devices. The Chips Act aims to double the EU's global market share in semiconductors from 10% to 20% by 2030, and has three main aims: building large-scale capacity and innovation, making sure the EU is self-sufficient, and preparing the EU for potential future supply crises. The EU wants to attract funding from foreign companies into its market, and U.S. chipmaking giant Intel is among the companies upping its investments in Europe.