U.S. Chips Act office will lose two-fifths of its staff, Bloomberg says

The U.S. government office responsible for a $52B chip subsidy program will lose about two-fifths of its staff as President Trump reduces the federal workforce, Jared Hopkins of The Wall Street Journal reports, citing people familiar with the matter. The reduction includes about 20 people who accepted a voluntary deferred resignation and left last week, the sources said. There are also an additional 40 employees who will be terminated who were considered probationary, which means they started their jobs, including promotions, within the last one to two years. Companies such as GlobalWafers, Intel (INTC), and TSMC (TSM) are reportedly on high alert, while those with existing or planned expansions in China face increased scrutiny. Publicly traded companies in the space include AMD (AMD), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).