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Senate Passes CHIPS Act: The U.S. Senate passed legislation Wednesday to accelerate U.S. manufacturing and technological competitiveness with China – the CHIPS and Science Act of 2022. The $280 billion bill hailed bipartisan support and will invest in cutting-edge technology around industrial, technological, and military innovation.

The bill promises $200 billion to scientific research in artificial intelligence (AI), robotics, and quantum computing. Of the total sum, $11 billion will specifically fund chips research, while another $39 billion will assist in building domestic semiconductor facilities.

The CHIPS Act will provide $1.5 billion to target public wireless supply-chain innovation, which hopefully sedates current supply chain havoc the U.S. has experienced for some time.

The bill will also provide $52 billion in subsidies and additional tax credits to companies that manufacture chips in the United States. Another provision of the bill will provide $39 billion in financial assistance to build domestic semiconductor facilities.

What happens next? The bill’s fate will be up to the House of Representatives. President Biden, who has publicly endorsed the legislation, could sign the bill into law as early as this week once given the green light by the House.

U.S. Fed Raises Rates: In an historic move, the Federal Reserve raised interest rates .75% to 2.5% in an effort to combat elevated inflation caused by supply chain challenges, and food and energy prices. While job gains have been robust, and the unemployment rate has been low, according to a statement from the Fed.

Juniper Earnings: Juniper Networks reported second quarter earnings today. Net revenues were $1,269.6 million, an increase of 8% year-over-year and an increase of 9% sequentially. The vendor exceeded its forecast during the quarter and “delivered a second consecutive quarter of double-digit year-over-year product revenue growth,” said Juniper’s CEO, Rami Rahim.

Microsoft Earnings: Microsoft also reported its second quarter earnings. Revenue was $51.9 billion and increased 12%. The company’s cloud platform saw strong demand with commercial bookings growing 25% while revenue was $25 billion, up 28% year over year, according to Amy Hood, EVP and CFO of Microsoft.

Amazon Web Services (AWS) secures its users “behind the scenes” by widely sharing its findings and learnings, having security baked into its services from the start, and working with partners and customers together to make sure they have multiple layers of defense, its executives claim. Read more.

Netskope released its latest Cloud Threat Report on data sprawl, examining how organizations use cloud apps to create, upload, share, and store data. The report found the number of cloud apps organizations use continues to climb – up 35% in the first five months of 2022. Read more.

The U.S. government has stepped back from standard-essential patent (SEP) enforcements due to geopolitical tensions and supply chain havoc, stated CCS Insights CEO Geoff Blaber in a recent blog post. Read more.

Industry trade association MEF is pushing the implementation of its Lifecycle Service Orchestration (LSO) Reference Architecture and APIs to help interoperability and agility for its networking-focused member base. Read more.

MEF wants to integrate blockchain technology into its Lifecycle Service Orchestration (LSO) Reference Architecture and APIs to sort the inefficacious telecom contract, billing, and dispute environment. Read more.

MEF CTO Pascal Menezes sees the industry trade association's efforts in API standardization as akin to the concept of open source software. Read more.

T-Mobile US launched commercial voice traffic running over its standalone (SA) 5G network core in a pair of markets, portending toward a growing push by operators to consolidate their network traffic. Stream now.