The "Chips and Science" act provides about $52 billion in subsidies for US semiconductor production and an investment tax credit for chip plants estimated at $24 billion

US senators backed a procedural move that sets up potential votes to pass a semiconductor bill by next week that aims to provide billions of dollars in subsidies and tax credits for the chip industry

Tech experts say China will be dependent on foreign suppliers for years, so carmakers, who face a boom in demand and long supply delays, sometimes have to pay a premium to chip brokers

Trimmed version of Congress bill is expected to include $52 billion in subsidies for the industry and tax credits for firms that make semiconductors in the US

The Reuters Tankan showed sentiment among Japanese manufacturers and the services sector improving only modestly over the next three months

The 11% rise in earnings was attributed to demand for memory chips from server customers, which offset inflation-hit smartphone sales

China chipmakers lack the technology to keep it at the forefront of chip design and manufacture, says Jefferies Group analyst Edison Lee.

The Act aims to subsidize the production of semiconductors in the US but the legislation has been hanging as politicians debate why a well-funded sector needs government aid

The first-generation 3nm process can reduce power consumption by up to 45% compared with conventional 5nm chips, the group says. Chinese companies are likely among its initial customers.

GlobalWafers said the plant, which will make 300-milimetre silicon wafers, will start being built this year and it will generate up to 1,500 jobs in Sherman, Texas

Country plans to increase local production of chips as well as displays, advanced chemicals, networking and telecom equipment, batteries and electronics

The model is for Japanese and US businesses to jointly establish a new company, or else Japanese firms could set up a new manufacturing hub in the US