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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Political News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.