Top semiconductor manufacturer Qualcomm announced a new round of layoffs on Wednesday, even after the industry received huge subsidies from the Biden administration, according to The Wall Street Journal.
Qualcomm, a major American producer of semiconductors, announced a new round of layoffs after seeing a 25% decline in its mobile-phone chip business compared to the previous year, according to the WSJ. The semiconductor industry has received huge subsidies from the Biden administration through the CHIPS and Science Act, which was signed into law in August 2022 and included $52 billion in subsidies for domestic semiconductor manufacturers.
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