Cybersecurity
US Takes Security-First Focus in Doling Out $39 Billion Chip Aid
- Raimondo says objective is to return supply to US from Asia
- Plan not meant to subsidize struggling companies: secretary
Chipmakers are seeing drops in revenue and profit as computer and phone producers in particular cut orders.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
As President Joe Biden’s administration prepares to accept requests for $39 billion in funding to jumpstart US production of microchips, his commerce chief emphasized the program’s focus is strengthening national security rather than boosting struggling chipmakers.
The US next Tuesday will unveil applications for the manufacturing part of the funding under the Chips and Science Act passed last year and will be “crystal clear” in its selection criteria, Commerce Secretary Gina Raimondo said.