(Reuters) -President Joe Biden's administration is expected to award billions of dollars in subsidies in coming weeks to top semiconductor companies including Intel and Taiwan Semiconductor Manufacturing Co to help build new factories in the U.S., the Wall Street Journal reported on Saturday. The forthcoming announcements aim to kick-start manufacturing of advanced semiconductors that power smartphones, artificial intelligence, and weapons systems, the WSJ reported, citing industry executives familiar with the negotiations. Another likely recipient, Taiwan Semiconductor Manufacturing Co (TSMC) has two plants under construction near Phoenix for a total investment of $40 billion. Micron Technology, Texas Instruments, and GlobalFoundries count among other top contenders, WSJ added citing industry executives. The first award was announced in December, of over $35 million to a BAE Systems facility in Hampshire to produce chips for fighter planes, part of a $39 billion "Chips for America" subsidy program approved by the U.S. Congress in 2022.

Source: Wall Street Journal January 27, 2024 23:13 UTC