Chips firms seek double $28 billion US subsidies available, US Commerce Dept says

WASHINGTON: U.S. Commerce Secretary Gina Raimondo said on Monday most chips companies seeking government subsidies will get significantly less than they have sought, since the government received requests for more than double the $28 billion it plans to award.

Raimondo said companies in leading edge chips manufacturing have requested more than $70 billion. She said the department is engaged in tough ongoing negotiations with individual companies.

Raimondo said she was pushing leading edge chips companies “to do more for less” in order to fund more projects.