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Semiconductor Stocks AMD, INTC, NVDA on Watch Ahead of Senate Vote

  • Semiconductor stocks are moving as Congress prepares to vote on the CHIPS Act.
  • This would pump $52 billion into the U.S. semiconductor industry.
  • The bill will help increase the United States' ability to compete with China in the semiconductor space.
semiconductor stocks Close-up electronic circuit board. technology style concept. representing semiconductor stocks

Source: Shutterstock

Semiconductor stocks are on the move Tuesday as investors await news on the new Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act heading to Congress this week.

The CHIPS act would provide $52 billion to U.S. semiconductor companies in an effort to increase the country’s competitiveness with China. The bill already passed a preliminary vote in the Senate ahead of this week’s final confirmation vote.

The final vote on the bill is set to take place either today or tomorrow. If it clears that hurdle, the bill will then be sent to the House of Representatives for further confirmation. If all goes well there, it can then move to President Joe Biden’s desk to be signed into law.

President Biden has shown support for the CHIPS Act already. Biden believes the U.S. needs to bolster its semiconductor manufacturing capabilities, saying the following on Monday in a statement collected by Yahoo! Finance.

“Taiwan produces 90% of the leading-edge chips. We produce 0%. China is moving ahead of us in manufacturing sophisticated chips as well. As we watch the US production of these chips decline from 40% of the global production to 12%, at the same time, we watched China go from 2% to 16%.”

The CHIPS Act will likely pass the vote in Congress and get support from the House. That means investors could see the price of semiconductor stocks increase following the upcoming vote.

Let’s take a look at how some semiconductor stocks are already moving on Tuesday!

Semiconductor Stocks on the Move

  • Advanced Micro Devices (NASDAQ:AMD) stock is down 2% as of Tuesday afternoon.
  • Intel (NASDAQ:INTC) stock is rising slightly as of this writing.
  • Nvidia (NASDAQ:NVDA) shares are slipping about 2% this afternoon.

There’s more stock market news to dive into below!

We’ve got all the hottest stock news for Tuesday! This includes what has shares of Walmart (NYSE:WMT), United Parcel Service (NYSE:UPS) and Faraday Future (NASDAQ:FFIE) stock moving today. You can find out all about that at the following links!

More Tuesday Stock Market News

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/07/semiconductor-stocks-amd-intc-nvda-on-watch-ahead-of-senate-vote/.

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