What happened: European Union member states have signed off on a €43B ($47B) plan to boost semiconductor production in the region. Details: Once signed by council and parliament presidents and published in the Official Journal, the act will become law. The EU Chips Act seeks to reduce dependencies on Asia production and prevent potential chip shortages. Approved by the EU's Council's ministers on Tuesday, the plan allows for major investments in chip fabs and research, and includes state subsidies for "first-of-a-kind" chips, attracting companies like Intel to establish new sites in Europe. Why it matters: The U.S. introduced its $52B Chips Act last year, while the U.K. recently announced a smaller $1.2B chip investment. With its own act, the EU wants to grow its share of the world's microchip production to at least 20% by 2030, doubling the current 10%.
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