WOLF - White House says CHIPs Act funding interest surpasses 460 companies

2023-08-09 07:33:13 ET

One year after the U.S. CHIPs Act was signed into legislation, the White House touted its achievements on Wednesday, including the fact that more than 460 companies have submitted statements of interest to receive funding.

The nearly $53B legislation, which provides tax credits for domestic semiconductor manufacturing, is aimed at boosting America's share of the global semiconductor market as it seeks to reduce its reliance on Asia, notably, China, following disruptions caused by the COVID-19 pandemic and geopolitical concerns.

In the statement , President Biden also said semiconductor companies have announced more than $166B in manufacturing in semiconductors and electronics, including commitments made by Intel ( NASDAQ: INTC ), Wolfspeed ( NYSE: WOLF ), Taiwan Semiconductor ( NYSE: TSM ) and others.

Additionally, Biden touted that "at least" 50 community colleges across 19 states have announced new or expanded programming to Americans get jobs in the semiconductor industry.

"In total, since the beginning of the Biden-Harris Administration, companies have announced over $231 billion in commitments in semiconductor and electronics investments in the United States," Biden said in the release.

In June, the U.S. Commerce Department expanded the eligibility for companies to receive funds from the U.S. CHIPs Act to include those that make semiconductor equipment and chemicals used for chip making. The expanded eligibility opens the fund to companies such as Applied Materials ( NASDAQ: AMAT ), Lam Research ( LRCX ) and others.

In April, it was reported that Taiwan Semiconductor ( TSM ) had pushed back on some of the controversial parts of the legislation, including the aspects that require profit-sharing measures for companies that "significantly exceed the projections" and the provision to include detailed measures of their operations.

Wolfspeed ( WOLF ), based in Durham, North Carolina, said in March that it was applying for funding from the U.S. CHIPs Act.

Related tickers: Intel ( INTC ), Taiwan Semiconductor ( TSM ), GlobalFoundries ( GFS ), Wolfspeed ( WOLF ), Nvidia ( NVDA ), AMD ( AMD ), Qualcomm ( QCOM )

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