The Biden administration on Monday announced a $5 billion investment in a new public-private consortium aimed at supporting research and development of high-end computer chips.

The Biden administration is funding the National Semiconductor Technology Center under the Chips and Science Act. The 2022 law was designed to revive the U.S. computer chip industry with hundreds of billions of dollars in government support.

Chip industry players met at the White House to discuss how the center should make research and development and worker training priorities. With government support, the industry is set to expand. The pandemic has exposed the economic and national security risks of over-reliance on Taiwan's advanced chips. At the same time, the advent of artificial intelligence could drive up demand for newer, more innovative chips.

Us Commerce Secretary Gina Raimondo said: "This is a turning point for the industry. Not only because we are dangerously dependent on one region for a lot of chips, but also because AI is going to lead to a surge in demand for chips, for high-end chips, for energy-efficient chips, for cost-effective chips."

In addition to training workers for the industry, the center will fund the design and prototyping of new chips.

Companies say they need a skilled workforce to take full advantage of $39 billion in separate government funding to finance new and expanded computer chip factories. Raimondo said a series of announcements to fund businesses will be made over the next six to 12 weeks.

Demand for specialist workers in the sector is likely to rise rapidly. About 375,000 people work making computer chips in the U.S., making an average of $82,830 a year, according to government data.