The Biden administration is expected to soon announce billions of dollars in new subsidies to chipmakers including Intel Corp and Taiwan Semiconductor Manufacturing as part efforts to reshore production, the Wall Street Journal reported. The grants, which could be awarded in the coming weeks, are part of the Chips Act, which aims to bring chipmaking back to the US and counter China's growing industry. So far only some modest financial support has been provided to the industry, but the looming announcements are for much larger sums, the WSJ said, citing industry executives familiar with negotiations.

Source: Wall Street Journal January 28, 2024 07:30 UTC