Commerce Department to fund US tech hubs with $500 million in grants.

The Commerce Department is launching the application process for cities to receive a total of $500 million in grants to become technology hubs. The Biden administration has made it a priority to set an industrial strategy of directing government investment into computer chips, clean energy, and a range of other technologies. The tech hubs are meant to build up areas that already have major research specialties but lack the access to financing that could fuel stronger growth and business formation in those fields.