The U.S. Department of Commerce has announced a funding of $35 million in federal incentives under the CHIPS and Science Act to support the modernization of BAE Systems' Microelectronics Center, and to quadruple its production capacity for chips that are essential to the Unite States' national security, including for use in F-35 fighter jets.
The Department of Commerce and BAE Systems Electronic Systems, a business unit of BAE Systems, Inc., have signed a non-binding preliminary memorandum of terms (PMT). This is the first funding announcement as part of the CHIPS and Science Act, which was designed to strengthen American manufacturing, supply chains, and national security. Modernizing BAE Systems' microelectronics center helps support this vision and the continued development and manufacturing of cutting-edge technology to serve customers' missions.
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Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.