WASHINGTON — President Joe Biden signed a sweeping competition law Tuesday that will channel $52.7 billion into domestic semiconductor research and development to make the U.S. less dependent on China and other Asian nations.

Industry CEOs attending the White House signing ceremony announced new investments of around $50 billion, adding significance to the first of several victories the administration plans to celebrate this week. Micron Technology Inc. leads the charge with a $40 billion investment in memory chip manufacturing, a move that the White House said would create 40,000 new jobs.

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