Raimondo: Commerce Dept. will spend all of the CHIPS Act grant revenue this calendar year

Raimondo: Commerce Dept. will spend all of the CHIPS Act grant revenue this calendar year


Commerce Sec. Raimondo on Samsung award: Goal is to make 20% of the world's semiconductors

TAYLOR, Texas — The Commerce Section is on monitor to dole out all of the $39 billion in grant income allocated beneath the CHIPS Act by year-end, Commerce Secretary Gina Raimondo instructed CNBC on Monday.

The Commerce Section is furnishing the dollars to semiconductor businesses to incentivize them to make out producing manufacturing capabilities in the U.S. The Biden administration announced earlier Monday that it would be offering Samsung with up to $6.4 billion in grants to grow two chip vegetation in central Texas — leaving about $16 billion remaining in subsidies to be dispersed in advance of the stop of 2024.

“We are on a roll. We’ve accomplished 3 of these in the previous thirty day period. We are going to be doing extra in the coming months,” Raimondo claimed in an job interview on the sidelines of Samsung’s award announcement party at its Taylor facility. “I assume all of the revenue in the CHIPS Act will be allotted by the end of this year.”

The award announcements so far have focused generally on leading-edge chips, the most state-of-the-art form of semiconductors. Intel will obtain up $8.5 billion in incentives to commit in projects in Arizona, New Mexico, Ohio and Oregon, even though Taiwan Semiconductor is because of to receive up to $6.6 billion in grants for jobs in Arizona. 

Now that the largest grants have been doled out, upcoming award offers will focus on memory chips and investments in suppliers, wafers, and chemicals, Raimondo stated.

The Samsung award announced Monday will support the enterprise generate what officers simply call an “innovative manufacturing ecosystem” in central Texas, where numerous actions in the chip manufacturing system will all be finished on a one campus. The Taylor facility will be 2 times as big as Samsung’s signature facility in South Korea, Raimondo claimed.

“It really is a tiny city of manufacturing, and close to it will come suppliers,” she ongoing. “So when I say the total ecosystem, it really is analysis and enhancement, packaging, manufacturing, task coaching, and all of the upstream suppliers which will make America stronger and additional safe.”

Do not skip these exclusives from CNBC Professional



Supply

Epstein files released to Congress are mostly ‘recycled’ documents, Democrat says
Politics

Epstein files released to Congress are mostly ‘recycled’ documents, Democrat says

Rep. Summer Lee, D-Pa., participates in a subcommittee hearing of the House Oversight and Government Reform Committee on Capitol Hill in Washington, D.C., July 23, 2025. Jonathan Ernst | Reuters Rep. Summer Lee, D-Pa., in a statement on Saturday criticized the release of the first trove of documents related to the late convicted sex offender […]

Read More
Trump administration considering deporting Kilmar Abrego Garcia to Uganda, his lawyers say
Politics

Trump administration considering deporting Kilmar Abrego Garcia to Uganda, his lawyers say

Kilmar Abrego Garcia walks, as he has been released from the Putnam County Jail in Cookville, Tennessee, U.S., August 22, 2025. Seth Herald | Reuters U.S. immigration officials have notified Kilmar Abrego Garcia of their intent to deport him to Uganda, his attorneys said in a Saturday filing that accuses the government of pressuring Abrego Garcia to […]

Read More
Troop costs, China in focus when South Korea’s Lee meets Trump
Politics

Troop costs, China in focus when South Korea’s Lee meets Trump

The U.S. and South Korean flag against the backdrop of a building. Chris Putnam | Future Publishing | Getty Images When South Korean President Lee Jae Myung meets U.S. President Donald Trump next week for their first summit, he will be asked to pay more for the upkeep of American troops on the peninsula during […]

Read More