White House , Opens $39 Billion , Chip-Making Giveaway .
In 2022, President Joe Biden signed the CHIPS and Science Act into law.
Engadget reports that CHIPS has made $52 billion in tax credits and funding available to bolster the United States' semiconductor industry.
$39 billion of the bill was specifically earmarked to provide incentives for semiconductor manufacturing.
Now, the Biden Administration has launched the first CHIPS for America funding opportunity, opening the application process.
According to the administation, funding is available for , "projects to construct, expand or modernize commercial facilities for the production of leading-edge, current- generation and mature-node semiconductors.".
The program's "vision for success" looks to develop leading-edge logic fabrication facilities and DRAM chip manufacturers by the end of the decade.
Engadget reports that the plan also boasts more funding opportunities for R&D and manufacturing equipment facilities in the future.
The program also reportedly includes strict rules for how funding can be applied.
Applicants who receive CHIPS funding cannot use payments for stock buybacks or to pay out dividends.
Payments will reportedly be tied to meeting targeted milestones in realizing the administration's "vision for success."
