The US Senate last week voted to approve the massive US CHIPS Act, legislation that will inject $77 billion 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 $53 billionn to support domestic chip production and around $24 billion in tax incentives and other measures to encourage new fab build-out. This is part of the broader $280 billion 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 Senate voted 64-34 in favor of the bill, after an often-arduous process of refining and adjusting the proposals to gain cross-party support.…