The Biden administration is expected to award billions of dollars in subsidies to top semiconductor companies, including Intel and Taiwan Semiconductor Manufacturing Company, in the coming weeks to help build new factories in the United States, The Wall Street Journal reported Saturday. The forthcoming announcements are aimed at kick-starting manufacturing of advanced semiconductors that power smartphones, artificial intelligence and weapons systems, The WSJ reported, citing industry executives familiar with the negotiations. The executives expect some announcements to come before U.S. President Joe Biden's State of the Union address on March 7, The WSJ report said. Among the likely recipients of the subsidies, Intel has projects underway in Arizona, Ohio, New Mexico and Oregon that will cost more than $43.5 billion, the paper said. Another likely recipient, Taiwan Semiconductor Manufacturing Company has two plants under construction near Phoenix for a total investment of $40 billion.

Source: Wall Street Journal January 27, 2024 17:18 UTC