House passes CHIPS Act on bipartisan basis, goes to President Biden to sign into law

On Thursday, the House of Representatives passed the CHIPS Act, one day after the legislation received bipartisan support in the U.S. Senate.
The legislation was approved on a bipartisan basis, with 243 lawmakers voting in favor and 187 voting against. One lawmaker voted present.
The bill, which includes $52B in subsidies for domestic production and a previously reported investment tax credit for chip plants that could be worth an estimated $24B over the next decade, will now go to President Biden's desk to sign into law.
In addition to aid for the semiconductor industry, the bill also authorizes $200B to boost scientific research over the next 10 years.
Affected stocks: Texas Instruments (NASDAQ:TXN), Advanced Micro Devices (AMD), Intel (NASDAQ:INTC), Nvidia (NASDAQ:NVDA), Taiwan Semiconductor (NYSE:TSM), Qualcomm (QCOM), KLA Corp. (KLAC), Applied Materials (AMAT), Lam Research (LRCX)
President Biden previously tweeted support for the CHIPS Act, noting that it will help America compete with China.
Earlier this month, Bank of America said KLA Corp. (KLAC) was among several companies likely to benefit if the U.S. government passed stimulus for the industry.