America invented semiconductors - the computer chips that are the size of the tip of your finger and power everything from cell phones to cars to our most advanced weapons systems and satellites. But over time, the United States went from producing nearly 40% of the world's chips to just over 10%, undermining America's national security and making our economy vulnerable to global supply chain disruptions. My CHIPS and Science Act aimed to change that - and already, we are revitalizing America's leadership in semiconductors, strengthening our supply chains, protecting national security, and advancing American competitiveness as a result of the law and our Investing in America agenda. To date, companies have announced over $230 billion in planned investments in semiconductors and electronics since I took office.
Today marks a key milestone for our implementation of this historic law, as the Department of Commerce announced its first preliminary agreement with BAE Systems, Inc. for a CHIPS incentive award of approximately $35 million. When finalized, this award will modernize an aging facility to quadruple its production capacity for chips that are essential to our national security, including for use in F-35 fighter jets, that are produced in Nashua, New Hampshire by American workers. It will advance our national security goals, and it will spur local investment and job creation.
Today's announcement is the first step of many to come. Over the coming year, the Department of Commerce will award billions more to make more semiconductors in America, invest in research and development capabilities to keep America at the forefront of new technologies, strengthen our national security, and create good-paying jobs.
