Commerce Dept. Signs $874 Million in CHIPS Act Incentives With Seven Companies

MT Newswires Live07-31

The Department of Commerce on Thursday announced letters of intent with seven companies to provide $874 million in federal incentives under the CHIPS and Science Act to support R&D in advanced computing and AI infrastructure technologies.

GlobalFoundries (GFS) will receive up to $300 million for co-packaged optics development, Kepler up to $245 million for AI memory technology, and Multibeam Corporation up to $140 million for chip-packaging technology.

Extropic, Thintronics, OBSIDIA Semiconductors, and Aeluma will receive smaller awards ranging from $30 million to $75 million for related computing technologies.

The Commerce Department will conduct further diligence before final awards and will receive a minority, non-controlling equity stake in each company as a condition of funding.

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