The Biden administration is providing $162 million (€147.9 million) to Microchip Technology to support the domestic production of computer chips - the second funding announcement tied to a 2022 law designed to revive US semiconductor manufacturing. According to a report by consultancy firm McKinsey & Company, chips are projected to become a one trillion dollar industry by 2030. The EU passed the European Chips Act in 2023, which mobilises €43 billion of investment to increase Europe's global market share in semiconductors from 10 per cent to 20 per cent by 2030.