The European Union agreed a 43-billion-euro ($47 billion) chip subsidies plan on Tuesday but the relatively modest budget, lack of a domestic market for cutting-edge chips and red tape could hamper efforts to catch up with the United States and Asia.
The size of subsidies under the EU Chips Act, which aims to tempt the world’s top chipmakers to build factories in the bloc and double its share of global output to 20% by 2030, lags the $52 billion CHIPS for Am
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