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Tech Giants coming Together for Chip Production Funding

Tech giants like Apple Inc, Microsoft Corp and Alphabet Inc’s Google are coming together with top chip-makers such as Intel Corp to lobby for government chip manufacturing subsidies. The group, Semiconductors in America Coalition, has asked U.S. lawmakers to provide funding for the CHIPS for America Act, for which President Joe Biden has asked Congress to provide $50 billion.

In a letter, the group said that the act will provide America with funding for coming up with the additional capacity necessary to have more supply chains. It will ensure critical technologies will be there when we need them.

Automakers and tech companies are severely hit by the shortage in supply of chips.

Source: Reuters

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