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
- Walmart Is Proof of Michael Burry’s ‘Bullwhip Effect’ Warning
- Why Is UPS Stock Down Today?
- Why Is Faraday Future (FFIE) Stock Down 10% Today?
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.