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The Chips Act of 2022 still captures headlines across the semiconductor industry, while few have an overview of the scope and size of the legislation. Valid discussions about supporting large corporations with taxpayer-funded subsidies are ongoing, and there are concerns about the Semiconductor industry’s impact on society and the environment.

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The legislation's background is based on the US's decades-long loss of manufacturing leadership. From a 37% share in the 1990s, the US now only accounts for 12% of global chip manufacturing. The legislation aims to bring the US back into a leadership position with less reliance on unstable and politically adverse countries.

The legislation will undoubtedly create significant economic growth in the US, but its main purpose is to increase competitiveness an…