U.S. officials are racing to deliver manufacturing grants to Intel (INTC) and others to complete a significant portion of a favored program before President Biden leaves office, Asa Fitch of The Wall Street Journal reports. The Commerce Department has provisionally awarded most of the $39B of grant money allocated under 2022’s Chips Act to re-energize U.S. chip production, but nearly $30B of the money is tied up in complex government negotiations. Intel was given the largest preliminary award, with up to $8.5B in grants for factory projects and up to $3B for defense-industry manufacturing facilities. Meanwhile, TSMC (TSM) recently received the first major finalized award, with up to $6.6B in grants for three factory projects at a site in Arizona.
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