financetom
Technology
financetom
/
Technology
/
GlobalFoundries' poised to get final Chips Act award, source says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
GlobalFoundries' poised to get final Chips Act award, source says
Nov 6, 2024 9:26 PM

WASHINGTON (Reuters) -GlobalFoundries ( GFS ) and at least two other chipmakers are poised to receive their final Chips and Science Act awards from the Biden administration, a person briefed on the matter said, a sign of progress amid growing concerns about the pace of the award rollout.

The U.S. Commerce Department notified Congress at least three companies are close to receiving a final award, the person and another source said. The Commerce Secretary must notify appropriate committees at least 15 days before making any deal over $10,000,000.

Reuters could not determine the timing of the award announcement or the exact amount, though it is expected to be close to the initial sum.

A preliminary agreement was announced by the Commerce Department in February to award $1.5 billion to GlobalFoundries ( GFS ) to build a new semiconductor production facility in Malta, New York, and expand existing operations there and in Burlington, Vermont.

The three companies are among 21 awarded about $37 billion in preliminary agreements through the bipartisan 2022 CHIPS ACT, aimed at luring chipmakers out of Asia to expand production in the U.S. So far, only one has been finalized and announced. It went to Polar Semiconductor for $123 million to expand and modernize a chip fab in Bloomington, Minnesota.

But the fact that Congress has been notified of at least three deals shows the Biden administration is making headway on final terms, amid growing concern among award recipients that Republican Donald Trump could scuttle the grants when he becomes president. Reuters could not determine the other two companies closing their deals.

GlobalFoundries ( GFS ) declined to comment.

A Commerce department spokesperson decline to comment on GlobalFoundries ( GFS ) and said: "Per statute, the congressional notification is a routine part of the Chips Program Office process and doesn't indicate that the award terms are final."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Epic Games accuses Apple of violating App Store injunction, seeks contempt order
Epic Games accuses Apple of violating App Store injunction, seeks contempt order
Mar 13, 2024
March 13 (Reuters) - Epic Games, which makes the popular video game Fortnite, on Wednesday urged a federal judge to hold Apple ( AAPL ) in contempt for allegedly violating an injunction governing how its lucrative App Store operates, and demanded compliance. The companies have been battling in court since 2020, when Epic accused Apple ( AAPL ) of violating...
Beyond The Numbers: 4 Analysts Discuss PowerFleet Stock
Beyond The Numbers: 4 Analysts Discuss PowerFleet Stock
Mar 13, 2024
Throughout the last three months, 4 analysts have evaluated PowerFleet ( PWFL ) , offering a diverse set of opinions from bullish to bearish. The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings...
Sudanese seek connections through Starlink after weeks of blackouts
Sudanese seek connections through Starlink after weeks of blackouts
Mar 13, 2024
By El Tayeb Siddig OMDURMAN, Sudan (Reuters) - Some Sudanese residents cut off from mobile networks for weeks due to war between rival military factions are using Starlink satellite connections to access the internet, as regular coverage started to return to other parts of the country. The mobile blackout that began in early February has prevented people from buying essential...
The Analyst Landscape: 5 Takes On Grid Dynamics Holdings
The Analyst Landscape: 5 Takes On Grid Dynamics Holdings
Mar 13, 2024
During the last three months, 5 analysts shared their evaluations of Grid Dynamics Holdings ( GDYN ) , revealing diverse outlooks from bullish to bearish. The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total...
Copyright 2023-2025 - www.financetom.com All Rights Reserved