US to launch $250 million fund to boost semiconductor supply chains
Business
The US announced plans to launch the Pax Silica Fund, a $250 million push to make global semiconductor supply chains stronger and less vulnerable.
The plan: Help countries get the minerals and build the infrastructure needed for making computer chips, so tech shortages are less likely down the road.
Fund focuses on teaming up with private investors
Instead of traditional aid, this fund is all about teaming up with private investors and massive wealth funds (that together manage more than $1 trillion in assets).
It follows a "Trade Not Aid" approach, basically using public money to attract even more private investment into these crucial supply chain projects.
As Jacob S Helberg from the initiative put it, they're working with lawmakers now to figure out exactly where the money will go.