Today, the Biden administration announced massive funding for the tech industry – the president named 31 “tech hubs” in the US and Puerto Rico to spur economic growth.
The President announced this News in a White House fact sheet, with funding secured by the CHIPS and Science Act signed in 2022. Each technology site can receive up to $75 million from federal and local governments, public and private universities, nonprofits and labor unions. Biden’s hope is that these tech hubs will spur economic growth in their respective states, adding to his commitment Bidenomicswhich aims to expand the middle class through trickle-up economics.
“The Tech Hub honorees were chosen to represent the full diversity of America, chosen from more than 370 applications from 49 states and four territories,” the White House wrote in the fact sheet. “The Tech Hubs will bring the benefits and opportunities of scientific and technological innovation to communities across the country, with nearly three-quarters significantly benefiting small and rural areas and more than three-quarters directly supporting historically underserved communities.”
According to the fact sheet, these technology centers will produce research, products and technologies for almost all areas of the industry, including AI, semiconductors and biotechnology. In Rhode Island, for example Ocean Tech Hub will explore how AI and machine learning can be used in maritime applications with support from Rhode Island Commerce Corporation. The State University of New York at Binghamton is also a leader New Energy New York Battery Tech Hub to strengthen the region’s battery supply chain.
Funding comes from Biden’s CHIPS and Science Act, signed in August 2022 committed NASA to the International Space Station by 2030. Biden has also championed clean energy and tech innovation outside of the CHIPS Act, announcing plans to do so earlier this month Funding clean hydrogen production with $7 billion. However, the president is not a fan of Big Tech like his FTC Commissioner Linda Kahn tried it Wage war on giant tech companies like Amazon.