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UK joins global chip race with wafer thin commitment.

Bloomberg reports that the UK is committing £1 billion ($1.24 billion) to “bolstering its domestic semiconductor industry over the next decade.” And, sure, a billion sounds like a lot, but it’s nothing compared to the $50 billion and €43 billion the US and EU have committed to the same cause respectively. Bloomberg notes that the sum, which will be spread over 10 years, is less than what chip maker TSMC spends in a fortnight. Ouch.