Trump calls CHIPS Act ‘horrible,’ spreads panic, NY Times reports

While Republican lawmakers have received reassurances over the past few months that the Trump administration would support the CHIPS Act, Trump recently called the law a “horrible, horrible thing,” Tripp Mickle and Ana Swanson of The New York Times reports. After his comments, chip company executives have begun calling their lawyers to figure out what wiggle room the administration has to terminate signed contracts, eight people familiar with the requests told the Times. Publicly traded companies in the space include AMD (AMD), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).