President Biden signs the CHIPS Act into law

Yahoo Finance Live anchors report breaking news that President Biden has signed the CHIPS Act into law, providing significant investment in U.S. semiconductor manufacturing.

Video Transcript

JULIE HYMAN: All right, guys, we're going to put a pin in that because we have to go for a moment to President Biden, who is now signing the CHIPS Act that we have been talking so much about.

And we've been talking about it because we've heard a lot of announcements from the likes of Intel, right? That is planning now to break ground on a factory in Ohio. Micron today saying it's allocating $40 billion of a previously announced global manufacturing spend. And now they're going to be spending that in the United States. They're confirming as the president is preparing to sign this.

And it's been a better couple of weeks for President Biden with the passage of this act. And then, of course, with the so-called Inflation Reduction Act also making progress through Congress. So I guess, they have a little bit of reason to celebrate there.

BRAD SMITH: A little bit of reason to celebrate. However, you would be looking at the chip stocks here on the day and the semis as we were checking in earlier. They are lower across the board. Some of the unfortunate warnings that have come forward from this industry, too.

BRIAN SOZZI: Yeah, I just have the same sunglasses as President Biden. I'm feeling really cool. I love them. They're great.