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here's your Daily Crunch.

Coming up, the passage of the Chips Act could launch another US startup renaissance.

YouTube's new tool lets creators turn their own videos into shorts, and iPhone

revenue is up slightly for Q3 as other hardware categories lose steam.

Earlier this week, the U.S. Senate approved the CHIPS Act, which includes $52 billion to subsidize

domestic semiconductor production.

It still has to struggle its way through the bureaucracy, but clearing the Senate is a huge and important step toward the American chip fabrication industry getting a serious chunk of cash.

Some are excited about this for a few reasons, like the possibility

of history repeating itself. Intel's choice to build a $20 billion chip fabrication facility

in Columbus, Ohio, along with the more recent news of the potential

cash injection into the industry, could set the stage for a startup ecosystem

boost.

Next, YouTube wants to quickly ramp up the number of short-term shorts videos available on its platform

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