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The Biden administration is predicted to award billions of {dollars} in subsidies to Intel (NASDAQ:INTC), Taiwan Semiconductor (NYSE:TSM), and different semiconductor corporations within the coming weeks for brand spanking new factories.
The subsidies, a part of the $53 billion Chips Act, are anticipated to be introduced earlier than Biden’s State of the Union speech on March 7, in response to a WSJ report on Saturday, which cited trade executives conversant in the talks. The bulletins might be preliminary and the funds might be launched in phases.
Micron (MU), Texas Instruments (TXN), and GlobalFoundries (GFS) are additionally more likely to be awarded subsidies, trade executives informed the WSJ.
In August, one yr after the U.S. CHIPs Act was signed into regulation, the White House touted its achievements, together with the truth that greater than 460 firms have submitted statements of curiosity to obtain funding.
The almost $53B laws, which offers tax credit for home semiconductor manufacturing, is geared toward boosting America’s share of the worldwide semiconductor market because it seeks to cut back its reliance on Asia, notably.