US anticipates to Receive Semiconductor Funding Awards in Next Eight Weeks-Raimondo

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US anticipates to Receive Semiconductor Funding Awards in Next Eight Weeks-Raimondo
US anticipates to Receive Semiconductor Funding Awards in Next Eight Weeks-Raimondo

U.S. Commerce Secretary Gina Raimondo revealed that her department plans to release multiple funding awards from the government’s $39 billion semiconductor manufacturing effort in the coming two months.

Raimondo’s department intends to issue numerous financing awards from the government’s $39 billion semiconductor manufacturing initiative over the next two months, U.S. Commerce Secretary Gina Raimondo announced on Monday.

“We’re in the process of really complicated, challenging negotiations with these companies,” Raimondo stated, declining to identify the companies. Several more announcements will be made over the coming six to eight weeks. That is what we are aiming for.

“These are extremely complicated, first-of-a-kind facilities. Raimondo stated that the facilities proposed by TSMC, Samsung, and Intel in the United States are new-generation investments of unprecedented size, scope, and complexity.

The semiconductor fund aims to finance chip manufacturing and related supply chain investments, and the awards will help build factories and increase production.

Raimondo stated in December that she intended to make over a dozen semiconductor chip financing grants over the coming year, including multibillion-dollar announcements.

Raimondo stated that she directly engages in regular talks with semiconductor firm CEOs.

The government has given two modest awards under the “Chips for America” semiconductor manufacturing and research subsidy program, which Congress approved in August 2022. Raimondo stated that she did not believe the administration was behind in making prizes.

Up to 35% of project capital expenses might be awarded in the form of grants, government loans, and loan guarantees.

Despite cyclical market concerns, Raimondo believes chip demand will remain strong. “Artificial intelligence is going to drive demand for chips in a way that we haven’t ever seen,” she went on to say.

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