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World News January 29, 2024

U.S. expected to announce billions in subsidies for advanced chips

The U.S. government is set to award billions of dollars in subsidies to major semiconductor companies to facilitate the construction of new factories in the United States, according to the Wall Street Journal. These subsidies are aimed at boosting the manufacturing of advanced semiconductors crucial for smartphones, artificial intelligence, and defense systems. Industry executives familiar with the negotiations anticipate some announcements to be made before President Biden’s State of the Union address on March 7. The U.S. Department of Commerce emphasized that the subsidy awards will be based on merit and contribute to advancing U.S. economic and national security. In December, Commerce Secretary Gina Raimondo had mentioned plans for around a dozen funding awards for semiconductor chips within the next year, including multi-billion-dollar announcements. Notably, Intel, Taiwan Semiconductor Manufacturing Company (TSMC), and Samsung Electronics are among the likely recipients of these subsidies, with major projects already underway in various U.S. locations. Other contenders include Micron Technology, Texas Instruments, and GlobalFoundries.

Source – CGTN

Photo Credit – Reuters

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