This week, the much-anticipated European Chips Act has entered into force.
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The Act's main goal? Raise Europe's market share from less than 10% to 20% by 2030. This won't be easy. The sector is extremely capital-intensive, with new fabsof $10 billion. But the pandemic, with the supply-chain disruptions it brought, has clearly exposed the risks of depending too much on third-country suppliers based in foreign nations.
The Act also aims to attract mega investments from chipmakers like Intel and TSMC. It offers a fast-track permitting process for new European fabs and allows EU states to subsidize projects. Additionally, to shelter against unexpected, pandemic-like disruptions, a new coordination mechanism between member states and the Commission, will help Europe spot shortages early and respond swiftly to supply crunches.
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