White House hails success of CHIPS and Science Act on second anniversary

Aug. 9 (UPI) -- The White House on Friday touted progress the administration has seen in the two years since the CHIPS and Science Act was signed into law.

Tech companies have pledged more than $395 billion in investments in semiconductors and electronics over the two years since the CHIPS and Science Act, creating more than 115,000 jobs, the White House said on Friday.

In celebrating two years of the legislation, the Biden administration said the United States currently makes about 10% of the powerful advanced computer chips, which are used to run from appliances to complex artificial intelligence, despite being the birthplace of the technology.

The White House said the country is now on track to claw back semiconductor manufacturing with it being on pace to produce nearly 30% of the world's leading chip by 2032.

"America invented the semiconductor -- those tiny chips that power electric vehicles, appliances, cell phones, satellites and are critical in AI," President Joe Biden said in a statement .

"While there is more to do, my CHIPS and Science Act bringing chip manufacturing back to America, strengthening global supply chains, and is making sure the United States remains a world leader in AI and other technologies that families, businesses and our military rely on each and every day."

The White House said the Commerce Department helped provide more than $30 billion in incentives to about 15 companies, in spurring development.

"The CHIPS Act is creating a robust semiconductor ecosystem by supporting multiple high-volume advanced packaging facilities, expanded production of current and mature-node semiconductors and critical supply chain components, all by the end of the decade to support critical industries from automobiles and medical devices to artificial intelligence and aerospace," the White House said.

The White House said it also launched workforce hubs in Upstate New York, Phoenix, and Columbus, Ohio to support training the workforce for jobs created by high-tech businesses.