US President Joe Biden ended a protracted wait for legislation designed to pump billions into the nation’s chip sector by signing it into law two years after it was initially proposed.

The heavily revised CHIPS and Science Act includes $52 billion in funding to boost domestic semiconductor research and manufacturing as the US seeks to better compete against China and address an ongoing global semiconductor shortage.

The US House of Representatives and Senate approved the CHIPS and Science Act last month after close to two years of negotiations.

In addition to the subsidies, the legislation includes an estimated $24 billion investment tax credit for chip plants.

The White House issued a fact sheet noting the passing of the act spurred multiple companies to announce they would ramp their semiconductor manufacturing investments.

Micron Technology today (9 August) detailed plans to invest $40 billion for memory chip manufacturing, a day after Qualcomm cited the legislation as a factor in a renewed deal with GlobalFoundries.