GlobalFoundries and Other Chipmakers Close to Receiving Final Chips Act Awards

Date: WASHINGTON (Reuters)
GlobalFoundries (NASDAQ:GFS) and at least two other chipmakers are nearing the final awards from the Biden administration’s Chips and Science Act, according to a source acquainted with the situation. This development marks progress amid concerns about the slow rollout of these awards.

The U.S. Commerce Department has informed Congress that at least three companies are close to receiving their final awards. According to the guidelines, the Commerce Secretary must notify the relevant committees at least 15 days before finalizing any agreement exceeding $10 million.

While the timing of the award announcement remains unclear, it is anticipated that the amounts will be similar to the initial figures provided. In February, the Commerce Department had initially proposed a $1.5 billion award to GlobalFoundries for establishing a new semiconductor production facility in Malta, New York, alongside expansions at their existing operations in Burlington, Vermont.