The U.S. Department of Commerce will provide $874 million to seven semiconductor companies in exchange for minority equity stakes to expand domestic chip research and manufacturing. (Shutterstock)
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The U.S. Department of Commerce announced plans to provide more than $870 million in federal incentives to seven semiconductor companies in exchange for minority, non-controlling equity stakes, according to the National Institute of Standards and Technology reported by The Hill.
The $874 million in funding under the CHIPS and Science Act will support research into advanced semiconductor technologies, including integrated photonics, artificial intelligence computing, and memory systems. GlobalFoundries could receive up to $300 million, while Kepler could receive up to $245 million.
Commerce Secretary Howard Lutnick said the investments will strengthen domestic semiconductor capabilities, create high-paying jobs, and keep the United States competitive in the industry.
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