U.S. plans $35-million award to BAE Systems to boost chip supply for F-35s

News Snapshot:

The U.S. Commerce Department said Monday it plans to award $35-million to BAE Systems to quadruple production in New Hampshire for key semiconductor chips used in F-35 fighter jets and commercial satellites. The announcement is the first from the $52.7-billion “Chips for America” semiconductor manufacturing and research subsidy program approved by Congress in August 2022 to ramp up U.S. chips production amid concerns about reliance on Asia. President Joe Biden said in a statement “over the coming year, the Department of Commerce will award billions more to make more semiconductors in America” and boost research and development. The department said...