Biden administration announces $5 billion commitment for research and development of computer chips

The Biden administration announced Friday that it expects to commit $5 billion in a public-private consortium for research and development of computer chips.

The White House said this would advance President Joe Biden’s goals of driving research and development in the United States, which include cutting down on the time and cost of commercializing new technologies.

The development comes as Historically Black Colleges and Universities (HBCUs) are gearing up for the global chips competition through a new partnership that would tap into what they say is one of America’s greatest strengths: diversity.

HBCU leaders and federal government officials convened on Thursday to support research and development in advanced computer chips and diversify the semiconductor industry.