Biden's Commerce Department awards CHIPS Act funding to TSMC, Intel, Samsung, and Micron

The Commerce Department announces preliminary memoranda of terms for major CHIPS Act semiconductor grants: TSMC ($6.6B to build three Arizona fabs), Intel ($8.5B for fabs in Ohio, Arizona, New Mexico, and Oregon plus a $11B loan), Micron ($6.1B for new DRAM fabs in New York and Idaho), and Samsung ($6.4B for a Texas fab expansion. The four awards account for the majority of the $39B in CHIPS Act manufacturing incentive funding. Each award is tied to construction milestones, hiring targets, and prohibitions on expanding China operations for 10 years.