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Intel’s CHIPS Act funding cut by over $600 million

The White House has cut Intel’s CHIPS Act award by over $600 million. Initially set to receive $8.5 billion, the company will now get up to $7.85 billion.

The President-elect attacked the legislation and its cost during his campaign, and House Speaker Mike Johnson said at the time Republicans “probably will” try to repeal the CHIPS Act. Earlier this month, Taiwan Semiconductor Manufacturing Company (TSMC), the world’s leading advanced chip maker, was the first to have its grants finalized. Although Taiwan is an ally and economic partner of the US, the Biden administration reportedly views reliance on it as “increasingly risky” as China poses a continual threat to take over the self-governing island.

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