yorkfoto/iStock Unreleased via Getty Images
The Biden administration is expected to award billions of dollars in subsidies to Intel (NASDAQ:INTC), Taiwan Semiconductor (NYSE:TSM), and other semiconductor firms in the coming weeks for new factories.
The subsidies, part of the $53 billion Chips Act, are expected to be announced before Biden’s State of the Union speech on March 7, according to a WSJ report on Saturday, which cited industry executives familiar with the talks. The announcements will be preliminary and the funds will be released in stages.
Micron (MU), Texas Instruments (TXN), and GlobalFoundries (GFS) are also likely to be awarded subsidies, industry executives told the WSJ.
In August, one year after the U.S. CHIPs Act was signed into law, the White House touted its achievements, 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.
Image and article originally from seekingalpha.com. Read the original article here.