: Chip stocks rally despite an ominous forecast, as U.S. semiconductor funding bill advances in Senate

by | Jul 20, 2022 | Stock Market

Chip stocks rallied Wednesday after the Senate moved closer to greenlighting more than $50 billion in funds for U.S.-based chip manufacturing, even as one chip-equipment maker gave an ominous forecast. Late Tuesday, senators passed a procedural vote of 64 to 34 to advance the $52 billion U.S. Innovation and Competition Act, even as details are still being worked out, a positive sign because that many votes would be able to overcome a filibuster. Funding appeared to be in danger in late June when Senate Republican leader Mitch…

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