Biden admin, Sam Altman to raise massive funds for chips

The Biden administration says it will commit $5 billion to the next phase of the CHIPS and Science Act to US semiconductor manufacturing, research and development (R&D), and the workforce, according to the Department of Commerce. This comes as only 10% of chips are manufactured within the US, versus a majority made in Taiwan. According to a report from the Wall Street Journal, Sam Altman at OpenAI (MSFT) will attempt to raise trillions of dollars to raise capacity of chips for AI. Also according to the report, he is in talks with investors from the United Arab Emirates government for the project which could raise as much as $5-7 trillion. Yahoo Finance Anchors Rachelle Akuffo and Akiko Fujita break down the latest developments in the chip sector and what it could mean moving forward. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino