A two-way concession in the Senate led to the approval of a $250 B bill to stimulate tech research in the U.S., according to The Wall Street Journal
- The aim of the bill is to make the U.S. competitive against China and other countries.
- After facing delays from some Republicans raising questions on the size and extent of the bill, it was finally passed by a vote of 68-32.
- The bill could boost U.S.’s competitiveness in areas such as federal investments in research and the declining share of the world’s semiconductor manufacturing.
- The U.S. has failed to prioritize modern science such as AI technology, and the bill seeks to empower the National Science Foundation to take up the challenge.
After passing the U.S. Innovation and Competition Act, the bill will require approval in the House. SPY is up 0.092 % on pre-market, EURUSD is up 0.12%