US President Joe Biden is set to sign off on the Creating Helpful Incentives to Produce Semiconductors for America (CHIPS) Act to back semiconductors and emerging technologies, media reported on Thursday. The CHIPS Act provides $52 billion in government funding for semiconductor research and development (R&D) along with tax credits to build new chip fab plants worth up to $24 billion. In a White House statement, President Biden said,“The bill will supercharge our efforts to make semiconductors here in America. XRA worked closely with lawmakers to successfully advocate for #immersivetechnologies to be incorporated into the CHIPS Act & launched an action center. Organisations such as the Washington, DC-based XR Association lauded the Act’s approval, stating it was a “significant technology of the future” and “a critical part” of the emerging technology ecosystem.

Source: Libya Today August 04, 2022 10:25 UTC