On August 9, 2022, President Biden signed the CHIPS and Science Act into law, with numerous leaders of the semiconductor industry in attendance. For the uninitiated, the CHIPS and Science Act is a comprehensive piece of legislation that will ultimately inject upwards of $280 billion into the U.S. economy, in an effort to solidify and spur growth and innovation in a number of key areas, including AI, robotics, quantum computing, biotech, data storage, and semiconductor workforce development, research, and manufacturing, to name but a few. The aim of the CHIPS and Science Act is to advance and strengthen American manufacturing capabilities and supply chains, while investing in the sciences and in research and development of various technologies, with the goal to build a stronger, more diverse and technically adept workforce moving forward. The hope is that these investments will bolster the American economy and potentially national security in the longer term.