When President Joe Biden signed the CHIPS and Science Act into law in 2022, it put $52 billion in tax credits and funding on the table to help bolster the semiconductor industry in the US, with $39 billion specifically earmarked for semiconductor manufacturing incentives. Now, we're starting to see how that initiative is going to play out: The Biden Administration has officially launched the first CHIPS for America funding opportunity, laying out the application process for "projects to construct, expand or modernize commercial facilities for the production of leading-edge, current-generation and mature-node semiconductors."