India, Aug. 6 -- US Department of Commerce has announced the signing of seven letters of intent to provide $874 million in federal incentives under the CHIPS and Science Act.

These incentives will support innovative domestic technologies to dramatically increase the performance of the world's fastest computers, secure domestic supply chains, and strengthen U.S. leadership in the compute supply chain.

The technologies that will be developed and accelerated by these research and development incentives will enable an infrastructure for advanced computing and AI systems that can progress key advances for multiple industries including materials innovation, industrial optimization, robotics, defense systems, drug discovery, and finance.

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