The U.S. needs more than the CHIPS Act to stay ahead of China: MIT report

U.S. President Joe Biden visits Viasat Inc., a technology company that will benefit from the passage of the CHIPS and Science Act, in Carlsbad, California, U.S., November 4, 2022. (Image: Reuters/Mike Blake) The government's $53 billion CHIPS and Science Act has been hailed as a major step to ensuring the U.S. holds onto its advantage as the world's technology powerhouse. But a new report out of the Massachusetts Institute of Technology says the investment isn't enough to keep competing countries like China from overtaking America's position as the leader in advanced technologies. "If we don’t have [competitive advantage], then U.S….