EU approves $47B plan to boost semiconductor production and compete globally.

The European Union has agreed on a $47 billion plan to boost its chip industry, called the European Chips Act, to compete with the US and Asia on tech and secure control over a critical bit of technology behind the world's electronics products and devices. The initiative aims to double the EU's global market share in semiconductors from 10% to 20% by 2030. The Chips Act has three main aims: building large-scale capacity and innovation, making sure the EU is self-sufficient, and preparing the EU for potential future supply crises.