Technology is Receiving Government Support Through the CHIPS Act

Since the pandemic began, the semiconductor industry has been reeling, further placing strain on the technology industry. To aid in its recovery, the United States Congress passed legislation to fund the manufacturing of semiconductors. The CHIPS Act, thought to be in response to both the semiconductor shortage and China’s increasing economic strength, could be a major player in technology production.

What is the CHIPS and Science Act?

The technology industry has been lobbying for Congress to take action on this issue, including big names like Intel’s CEO, Pat Gelsinger, who predicted that there would be a chip shortage until 2024 if no action is taken. Of course, Intel has a stake in this argument, as they have been in the process of building their third semiconductor factory in Ohio, and the delay in this legislation has impacted the construction of such a plant. The price tag is steep at $20 billion with costs exceeding $100 billion over the next ten years.

CHIPS is, of course, a convenient acronym. It stands for Creating Helpful Incentives to Produce Semiconductors, and the act contains $280 billion, $52 billion of which will support domestic production of semiconductors. This investment could potentially lower the cost of devices that require semiconductors to function, which, we’ll remind you, is an awful lot of stuff these days.

In fact, semiconductors are used not only to power your important business technology investments, but basically all technology including workstations, server units, appliances, and vehicles. This funding is an important investment that should go a long way toward putting an end to the semiconductor shortage.

Don’t Let the Supply Chain Get You Down

Of course, we are not economic analysts, but it doesn’t take one to see the challenges plaguing businesses as a result of this shortage. The price increase and shortage translates into device shortages and price hikes for businesses of all kinds, and with hardware more difficult to acquire, operations can suffer. If you don’t want to worry about it anymore, vCTO Secure is here to absorb the frustration and transform your business for the better with it.

Our technicians know and understand how you can get the most value from your technology, even if you’re waiting on acquiring new and innovative tools that can dramatically improve your operations. We can help you implement new tools and fully leverage existing ones to maximize the return on your investments.

To learn more about what vCTO Secure can do for your business, contact us at (206) 895-5595.