Biden Issues China Restrictions on Companies Getting Chip Funds [BNN Bloomberg (Canada)]
Intel Corporation (INTC)
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Source: BNN Bloomberg
It's the last regulatory hurdle before the Commerce Department hands out more than $100 billion worth of federal aid intended to boost domestic chipmaking while containing China's technological advancement. The Chips Program Office, which is preparing to give out $39 billion in grants and $75 billion in loans and loan guarantees, will bar firms that win that money from substantially growing their output or expanding their physical manufacturing space in China. They will be limited to a 5% increase for advanced chips and 10% for older technology of 28 nanometers or more mature. “Chips for America is fundamentally a national security initiative, and these guardrails will help ensure companies receiving U.S. government funds do not undermine our national security as we continue to coordinate with our allies and partners to strengthen global supply chains and enhance our collective security,” Commerce Secretary Gina Raimondo said in a statement. However, the Commerce Department rem
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