The Biden Administration has awarded Microchip Technology (MCHP) $162 million to expand domestic chip manufacturing. The funding, which is tied to the bipartisan CHIPS and Science Act, will be used to expand the chipmaker's facilities in Oregon and Colorado. In a statement, White House National Economic Council Director Lael Brainard wrote, "This manufacturing investment in Oregon and Colorado will advance the President’s goal of making semiconductors in America again and reducing reliance on global supply chains that led to price spikes and long wait lines during the pandemic." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Luke Carberry Mogan.