TECH - Applied Materials Rethinks $4B Silicon Valley Project Amid Federal Funding Shortfall | Benzinga
Due to insufficient government funding, Applied Materials Inc (NASDAQ:AMAT) may reconsider or abandon its plan to establish a $4 billion research and development facility in Silicon Valley.
As of March 29, the Biden administration has decided against financing the construction or refurbishment of semiconductor R&D facilities.
This shift comes amid a global semiconductor shortage that has disrupted supply chains across various industries.
Despite President Joe Biden signing a bill in late 2022 allocating $52.7 billion for domestic semiconductor research and manufacturing, a recent appropriations bill redirected a portion of these funds, impacting Bay Area companies not directly manufacturing semiconductors, the San Francisco Chronicle reports.
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