"CHIPS", the abbreviation for "Creating Helpful Incentives to Produce Semiconductors", is a legislation that aims to help bolster U.S. technology leadership. It was signed into law by U.S. President Joe Biden on 9 August 2022. The four key agendas of the CHIPS ACT are: 

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1. Boost U.S. semiconductor production and R&D through incentivizing the industry with more than US$42 billion subsidies
    

2. Build a more resilient and diversified semiconductor supply chain and become less dependent on East Asia
    

3. Counter tech competition from China by barring semiconductor companies from getting U.S. funding if they manufacture chips more than 28 nanometers in China or Russia
    

4. Establish a CHIPS Implementation Steering Council to coordinate policy development and ensure the effective implementation of the Act