President Joe Biden recently signed the $280 billion dollar CHIPS and Science Act, setting aside roughly $52 billion dollars to bolster the U.S. computer chip sector.

After supply chain shortages and record demand for semiconductors, the CHIPS act will boost the domestic semiconductor manufacturing industry to better compete with China.

One way to benefit from this would be to purchase semiconductor stocks that offer dividends and growth.

Semiconductor Dividend Stock #1: Intel Corporation (NASDAQ:INTC)
Dividend Yield: 4.10%
Annual Dividend: $1.46
Frequency: Quarterly

Intel Corporation has a track record of increasing its dividends over the past eight years. Intel is the world's largest logic chipmaker as it designs and manufactures microprocessors for the global personal computer and data center markets.

Intel's second quarter GAAP revenue was $15.3 billion dollars, down 22% year-over-year, and revised full year revenue guidance to $65 billion to $68 billion dollars.

Semiconductor Dividend Stock #2: Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)
Dividend Yield: 2.17%
Annual Dividend: $1.94
Frequency: Quarterly

Taiwan Semiconductor Manufacturing Company does not have a track record of raising its dividends, as it is more focused on reinvesting for growth. Taiwan Semiconductor is the world's largest dedicated chip foundry, with over 57% market share in 2021, as it sells its integrated circuits and other semiconductor devices internationally.

Taiwan Semiconductor revenue for July saw an increase of 6.2% from June 2022, and an increase of 49.9% from July 2021.

Also Read: Nancy Pelosi Meets With Taiwan Semiconductor: Will It Help Line The Speaker's Pockets?

Semiconductor Dividend Stock #3: Micron Technology Inc (NASDAQ:MU)
Dividend Yield: 0.74%
Annual Dividend: $0.46
Frequency: Quarterly

Micron Technology has a track record of increasing its dividends in the past two years, as they have historically focused on designing and manufacturing DRAM for PCs, then expanding into the NAND flash memory market.

Micron repurchased approximately 13.8 million shares of its common stock for $981 million dollars during the third quarter of 2022. “Micron delivered record revenue in the fiscal third quarter driven by our team’s excellent execution across technology, products and manufacturing,” said Micron Technology President and CEO Sanjay Mehrotra.