U.S. expected to announce billions in subsidies for advanced chips, WSJ says

The Biden administration, eager to highlight a signature economic initiative as elections approach, is expected to award billions of dollars in subsidies to Intel (INTC), TSMC (TSM), and other top semiconductor companies in coming weeks to help build new factories, The Wall Street Journal’s Yuka Hayashi reports. The grants are part of the $53 billion Chips Act, intended to reshore production of advanced microchips and fend off China, which is fast developing its own chip industry.