Last month, President Joe Biden signed into law the much-awaited CHIPS Act, a package that will funnel more than $70 billion into the American semiconductor industry and set aside approximately $200 billion for further scientific and technological research. The bipartisan bill was seen as a huge legislative win for Biden, as he embarks on a mission to bring more manufacturing back stateside and to American companies looking to compete with foreign competitors, namely China. But despite the plaudits, those expecting the bill to resolve the ongoing global semiconductor chip shortage are likely to be left disappointed, according to a note…