President Biden on Tuesday signed the Chips and Science Act of 2022, directing financial assistance for the construction and expansion of semiconductor manufacturing facilities and other programs. Photo: Evan Vucci/AP The chip industry that was bracing for a difficult period with laptop sales slumping is adjusting to a wider and sharper slowdown even as semiconductor companies prepare to spend billions of dollars on new factories. “The market is worse than we thought it would be,” Mark Murphy, chief financial officer at memory maker Micron Technology Inc., said Tuesday. On the same day, President Biden signed an investment plan that allocates more than $50 billion to finance future U.S. chip development and production. The latest sign of near-term concern, though, is that auto makers are becoming more cautious consumers of chips after struggling for about two years to secure adequate supply, Mr. Murphy added at an investor event. “We are […]