The administration of U.S. President Joe Biden is racing to complete Chips Act agreements with companies like Intel and Samsung Electronics, aiming to shore up one of its signature initiatives before President-elect Donald Trump enters the White House.
The Commerce Department has allocated more than 90% of the $39 billion in grants under the 2022 Chips and Science Act, a landmark law designed to rebuild the domestic chip industry. But the agency has only announced one binding agreement so far.
The next two months will prove critical for more than 20 companies still in the process. Some of them, including Taiwan Semiconductor Manufacturing Co. and GlobalFoundries, have wrapped up negotiations and expect to make final award announcements soon, people familiar with the matter said.
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