With just weeks left in office, outgoing United States President Joe Biden and his team are scrambling to lock in billions of dollars in funding to re-shore chip manufacturing to the US.
Trump blasted the legislation as being so bad, stating, 'We put up billions of dollars for rich companies.' His rhetoric has raised concerns about the future of the CHIPS Act.
Most of the 24 recipients of funds under the CHIPS Act are US companies, chief among them Intel, which secured nearly $7.9bn in direct funding from the US Department of Commerce.
In recent weeks, the Commerce Department has finalized its deals with TSMC and GlobalWafers, essential for increasing chip manufacturing capacity amid rising geopolitical tensions.
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