US – Senate wants $250 billion for tech war against China16. July 2021
US – Senate wants $250 billion for tech war against China
The U.S. Senate has passed a bipartisan bill – dubbed the U.S. Innovation and Competition Act – by a vote of 68-23. It will increase government spending on research and development in AI and other advanced technologies by $250 billion.
The funding is intended to help U.S. companies build leadership positions over Chinese competitors in key sectors such as semiconductors, quantum computing and AI as part of the TechWar. It still needs to pass the House of Representatives to take effect.
The bill is the latest iteration of the Endless Frontier Act, which provides $52 billion for the domestic semiconductor industry, as well as a 30 percent increase in funding for the National Science Foundation and $29 billion for a new science directorate focused on artificial intelligence and quantum science.