The Covid-19 pandemic revealed an over reliance on Asian counties such as China and Taiwan for chip production. In 2022, Biden signed the CHIPS and Science Act in order to increase the United States’s production of semiconductor chips and decrease its reliance. Now Europe is following suit. As of April 18, 2023, the EU Parliament and 27 member states have reached a deal on The European Chips Act This legislation would aim to double the EU’s global market share in semiconductors from 10% to 20% by 2030. The $47 billion dollar investment would build large scale capacity for chip manufacturing, ensure the EU is self-sufficient, and prepare the EU for future supply chain crises.

Source: https://www.cnbc.com/2023/04/19/europe-approves-its-47-billion-answer-to-bidens-chips-act.html