Microchip Technology has been granted $162 million in funding from the CHIPS and Science Act to expand its operations in Colorado and Oregon. The funding is expected to triple the company’s production capacity and create over 700 new jobs. Microchip Technology produces components for a wide range of consumer and defense products, including electric vehicles, smart devices, and medical devices. The funding will be distributed by the U.S. Commerce Department, with $90 million allocated to expanding the Colorado plant and $72 million aiding an ongoing $800 million expansion in Gresham, Oregon. The CHIPS Act aims to ramp up manufacturing in sectors like semiconductors, clean energy, and artificial intelligence. The Biden administration is expected to announce more grants to expand chip-making across the country in the near future. This funding will help advance Biden’s goal of reshoring semiconductor manufacturing and reducing reliance on global supply chains.