Shares of semiconductors companies, including Advanced Micro Devices, Inc. (NASDAQ:AMD) and Micron Technology, Inc. (NASDAQ:MU), are trading higher on Thursday as the industry gains amid chip manufacturing executives urging Congress to pass legislation that includes subsidies for the semiconductor industry.
According to a Bloombergquint Report, the legislation includes $52 billion in incentives for their industry, calling it “essential” to maintaining competitiveness with China and other countries.
Both the Senate and House have passed versions of legislation approving $52 billion in chip subsidies in provisions known as the CHIPS Act but differ on other provisions aimed at boosting U.S. competitiveness with China, said in a U.S. News report.
AMD shares were trading about 5.3% higher at $120 per share on Thursday at the time of publication.
Micron shares were trading about 3.3% higher at $78 per share.
