Chipmakers Get $52 Billion in Senate Bill in Big Win for Biden

The Senate on Wednesday passed legislation that includes $52 billion in grants and incentives for US semiconductor manufacturing, an industry that has steadily lost ground to foreign competitors in recent years.

The 64 to 33 vote comes after more than a year of debate and marks a major legislative victory for President Joe Biden, whose agenda has largely stalled in the Senate, where 60 votes are required to pass most legislation.

The bill is expected to pass the House later this week and then move to Biden’s desk for his signature.

Wall Street is likely to welcome the help. ...