Last month, President Joe Biden signed into law the much-awaited CHIPS Act, a package that will funnel more than $70 billion into the American semiconductor industry and set aside approximately $200 billion for further scientific and technological research.

The bipartisan bill was seen as a huge legislative win for Biden, as he embarks on a mission to bring more manufacturing back stateside and to American companies looking to compete with foreign competitors, namely China.

Biden's $270 billion semiconductor bill to battle China isn't that big a deal, Goldman says. Unless there's some kind of huge 'international conflict' comes via ChinaTechNews.com.