The CHIPS Act Could Send These 3 Stocks Soaring.

$Intel(INTC.US)$ The semiconductor industry remained crippled by the lingering supply chain issues, hampering optimum productivity. Moreover, the Ukraine-Russia war has further strained the accessibility of raw materials. Vinay Gupta, the International Data Corporation’s Asia-Pacific research director, said, “The semiconductor supply is not going to increase immediately.”

However, given its varied usage across industries, the global IoT Chip market is estimated to grow at a CAGR of 15.5% from 2022 to 2028.

On the other hand, the Senate is expected to pass the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act this week. The $52 billion bill is expected to boost U.S. domestic chip production in manifolds while also providing tax credits for investments in the sector.

The legislation “is going to advance our nation’s competitiveness and our technological edge,” President Biden said while urging Congress to “pass this bill as soon as possible.”

The forward movement in this bill could propel the fundamentally strong semiconductor stocks, United Microelectronics Corporation $United Microelectronics(UMC.US)$ , and Photronics, Inc. $Photronics(PLAB.US)$ , to skyrocket.