The US Senate last week voted to approve the massive US CHIPS Act, legislation that will inject $77bn into the US semiconductor industry to improve the country’s self-sufficiency in advanced technologies and to improve its competitiveness against China. The funds will include $53bn to support domestic chip production and around $24bn in tax incentives and other measures to encourage new fab build-out. This is part of the broader $280bn CHIPS and Science Act, which proposes a wide range of subsidies, grants and other funding mechanisms for many aspects of scientific and hi-tech R&D. The CHIPS and Science Act provides the funds necessary to act on 2021’s USA Telecommunications Act, which was passed to promote “the use of technology, including software,…