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US Commerce Secretary: over 600 Chip Companies Apply for US Subsidies

Written: 2024-02-27 09:00:49Updated: 2024-02-27 09:25:06

US Commerce Secretary: over 600 Chip Companies Apply for US Subsidies

Photo : YONHAP News

U.S. Commerce Secretary Gina Raimondo said that most chip companies seeking U.S. government subsidies will get significantly less than they have sought as the government received requests for funding from more than 600 companies. 

Raimondo made the remarks on Monday at a forum hosted by the Center for Strategic and International Studies(CSIS) in Washington D.C. 

The secretary said that more than 600 companies submitted statements of interest to request funding but a significant majority will not receive funding. The number of applicants was known to be 460 until recently.

The U.S. CHIPS Act directs 52-point-seven billion dollars or 70 trillion won over the next five years for semiconductor manufacturing, research and development, and workforce development. 

Of the 39 billion dollars allocated for semiconductor manufacturing, 28 billion dollars will go to leading-edge chipmakers. 

Raimondo said that leading-edge companies alone have requested more than 70 billion dollars in funding. 

GlobalFoundries, Microchip Technology, and the U.S. subsidiary of British contractor BAE Systems are among the first major players to receive the subsidies. 

Industry watchers say that foreign firms like Samsung Electronics and Taiwan Semiconductor Manufacturing Co. could also be beneficiaries.

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