EU Parliament Approves €43 Billion Chips Act to Boost Computer Chip Industry and Compete with Asia

The European Union has approved a €43 billion plan to boost semiconductor production and develop more fabs in the region, with the aim of doubling the EU's global market share from 10% to at least 20% by 2030. The move is intended to reduce foreign dependencies and prepare for future chip shortages. The Chips Act follows the United States' increased investments in domestic semiconductor production, with the US dedicating $52 billion to compete with China.