Senate passes bill to boost US chip manufacturing

The US government just crossed a key milestone in its bid to improve domestic chip production and compete with rivals like China. CNBCreports the Senate has passed the CHIPS and Science Act, a bill to fund and incentivize American semiconductor manufacturing, in a 64-to-33 vote. The measure includes over $52 billion for US firms making chips, additional funding for further technology development and tax credits to spur manufacturing investments.