The U.S. Department of Commerce on Tuesday released its strategy outlining how the Department will implement $50 billion from the bipartisan CHIPS Act of 2022, signed by President Biden last month.

The CHIPS for America program, housed within the Department’s National Institute of Standards and Technology (NIST), is aimed at revitalizing the domestic semiconductor industry and spurring innovation while creating good-paying jobs in communities across the country.

The CHIPS for America program supports three initiatives: large-scale investments in leading-edge manufacturing; new production capacity for mature and current generation chips, new and specialty technologies and semiconductor industry suppliers; and initiatives to strengthen U.S. leadership in R&D.

Funding documents, which will provide specific application guidance for the CHIPS for America program, will be released by early February 2023, according to a statement by the department.