Europe approves its $47 billion answer to Biden's CHIPS Act — here's everything that's in it

The European CHIPS Act seeks to help the bloc secure its semiconductor supplies, ensure self-sufficiency and compete with the U.S. and Asia on tech.

The European Chips Act seeks to help the bloc secure its semiconductor supplies, ensure self-sufficiency and compete with the U.S. and Asia on tech.

Europe has been seeking to control more of its supply chain to reduce its reliance on foreign companies. The initiative, dubbed the European Chips Act, seeks to help the bloc compete with the U.S. and Asia on tech, and secure control over a critical bit of technology behind the world's electronics products and devices.on Tuesday. In a statement, they said the new rules would aim to double the EU's global market share in semiconductors from 10% to 20% by 2030.

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