CHIPS Act: The rebirth of America's semiconductor industry?

In 2022, the U.S. Senate passed legislation to support the domestic semiconductor industry called the US CHIPS and Science Act. The $280 billion spending package was signed into law on Aug. 9 by President Joe Biden and was meant to encourage the growth of the US semiconductor industry -- and help the US win a burgeoning chip war with China. GlobalFoundries, Intel, Samsung Foundry, Texas Instruments, TSMC, and other companies that build semiconductor manufacturing facilities in the USA welcomed the move.

The CHIPS Act -- officially called H.R. 4346 -- authorized the U.S. government to award U.S. chipmakers with about $52 billion in grants and other incentives and provided a 25% investment tax credit for new fabs worth up to $24 billion. In addition, the legislation provided over $170 billion over the next five years to various scientific research works in the USA.

But has it been successful? Which companies have been the big winners, and how has the US semiconductor industry improved? Here's everything you need to know.