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US Chip Funding Could Result In Up To 10 New Factories: Officials

The new US Commerce Secretary Gina Raimondo says a proposed US$52 billion boost in government funding for semiconductor production could result in seven to 10 new American factories.

Raimondo said she anticipated the government funding would generate $150 billion-plus in investment in chip production and research.

It would include contributions from state and federal governments and private-sector outfits.

She said she expected US states will compete for federal funding for chip facilities and that the Commerce Department would have a transparent process for awarding funding.

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