"BAE Systems Secures First CHIPS Act Grant, Leading the Semiconductor Grant Wave in D.C."

BAE Systems is set to receive the first grant from the CHIPS and Science Act, a signature law of the Biden administration aimed at revitalizing America's semiconductor sector. The $35 million award will support BAE's US manufacturing of semiconductors for national security efforts, particularly for the Pentagon's F-35 fighter jet program. The announcement highlights the administration's focus on the link between semiconductors and national security. The Biden administration plans to spend approximately $50 billion in total to boost the semiconductor industry. Other chip companies are still awaiting formalization of their awards.