US Senate votes to advance sweeping semiconductor industry bill

The US Senate voted 64-32 on Tuesday to advance legislation to boost US semiconductor manufacturing to address concerns about competition with China.

The legislation provides about $52 billion in subsidies for US semiconductor production as well as an investment tax credit for chip plants estimated to be worth $24 billion.

The Senate is expected to vote on the final passage in the coming days and the US House could follow suit as soon as later this week.