The $280 billion CHIPS and Science Act has been passed by Congress and very well may be a big step towards resolving the semiconductor crisis holding back next-gen consoles and other devices.
As reported by The Verge, the CHIPS and Science Act passed in a 243-187 vote on Thursday, July 28, and it includes $52 billion in subsidies to "encourage chip manufacturers to build out semiconductor fabrication plants, or 'fabs,' in the U.S."
The House and Senate had been debating this issue for months, and its passing is great news for companies like Intel who recently delayed its groundbreaking ceremony for its $20 billion chip-making facilities in Ohio because of a lack of government funding.
"I congratulate Congress on voting to approve funding for the CHIPS Act," Intel CEO Pat Gelsinger said. "This is a critical step to support the entire U.S. semiconductor industry and to help ensure continued American leadership in semiconductor manufacturing and R&D. Congress has done its part, and now we are going to do ours. I'm excited to put shovels in the ground as Intel moves full speed ahead to start building in Ohio."
Chip shortages have been a huge issue since the COVID-19 pandemic began, and it has impacted the availability of next-gen consoles like the PS5 and Xbox Series X, new desktop GPUs, and more.
The CHIPS and Science Act also provides the "Commerce Departement with $10 billion to award states and localities grants to build out 'regional technology hubs' across the country." The National Science Foundation will also receive billions in funding to help with semiconductor manufacturing research and workforce development programs.
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Adam Bankhurst is a news writer for IGN. You can follow him on Twitter @AdamBankhurst and on Twitch.