CHIPS and Science Act to boost technology investment in the U.S.

The U.S. federal government is reportedly set to invest billions of dollars, through the CHIPS and Science Act of 2022, towards the improvement of science and technology research. Organizations that are responsible for the distribution of this fund are seeking partnerships with the private sector.

Among the most significant portions of this fund is the $52 billion that has been allotted to boost semiconductor productivity. The remaining $280 billion will be distributed among agencies like the Department of Commerce and the Department of Energy, the National Institute of Standards and Technology, and the National Science Foundation.

While president Biden is expected to sign the legislation this week, the above-mentioned agencies are expected to work with both the private sector and academia to raise funds, research, and develop new technologies.

Glenn O’Donnell, an analyst at Forrester Research, stated that neither academia, nor the government is capable of achieving this target alone, and a three-way partnership, which includes the private sector is going to be a part of the solution for this.

Once the bill is signed, the NSF will receive $81 billion in the next five years, out of which $20 billion will be used to establish a Directorate of Technology, Innovation, and Partnerships (TIP), to focus on technologies like quantum computing, artificial intelligence, and 6G communications.

Margaret Martonosi, assistant director of NSF's Computer and Information Science and Engineering directorate, stated that the new directorate covers all topics, allowing more ideas to be deployed.

The Department of Commerce will also receive $11 billion over the next five years to establish regional technology hubs, which will be solely focused on technology development and expansion of the U.S. innovation capabilities.

Additionally, the NIST will receive $9 billion and opportunities to partner with the private sector for critical technology research, like advanced communications technologies, semiconductors, and quantum science information.

The bill also has a provision for $40.5 million to establish a Foundation for Energy Security and Innovation by 2027.