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(Bloomberg) President Joe Biden’s administration plans to launch a $5 billion semiconductor research consortium to bolster chip design and hardware innovation in the US and counter China’s efforts to capture the cutting edge of the industry.Most Read from BloombergBiden’s Attempt to Address Memory Issue Backfires With New GaffeChina’s Property Crisis Is Starting to Ripple Across the WorldA 99% Bond Wipeout Hands Hedge Funds a Harsh Lesson on ChinaStock Bulls Vindicated as S&P 500 Hits Milesto

United statesNew yorkBloomberg businessweekDeirdre hanfordJoe bidenGina raimondoLauriee locascioTechnology drNational semiconductor technology centerWhile the commerce departmentMillion to fire up domestic chip researchSynopsys incCommerce undersecretaryChina conflict overChips actCommerce department