NXP CEO Sievers: EU Chips Act needs €500B, not €50B

Reaching the main target of the European Chips Act will be far more costly than currently budgeted, NXP CEO Kurt Siever has warned. Speaking at Globalfoundries’ Technical Summit in Dresden, Sievers said raising Europe’s semiconductor market share from 10 to 20 percent would require tripling or quadrupling regional capacity, which he estimated would cost 500 billion euros. The Act put forward by the European Commission last February is backed by 45 billion euros in public and private funding.