California Governor Gavin Newsom and Senator Alex Padilla, both Democrats, urged the Biden administration on Monday to reverse its decision to cancel a...
WASHINGTON - California Governor Gavin Newsom and Senator Alex Padilla, both Democrats, urged the Biden administration on Monday to reverse its decision to cancel a subsidy program for building and expanding semiconductor research and development facilities.
The Commerce Department said in response it was "continuously evaluating programmatic priorities to maximize the impact of available CHIPS funds," citing a recent decision by Congress to dedicate $3.5 billion to make chip production facilities safe for military use production. Another $11 billion is dedicated to research and development, but that "cannot replace direct commercial investments," Newsom and Padilla said.Last month, Biden awarded Intel, nearly $20 billion in grants and loans for chips projects. Some of that money will go to Intel's R&D hub in Hillsboro, Oregon.
California has invested billions of dollars through a R&D Tax Credit and California Competes Program to support the growth of semiconductor companies with large R&D operatives including NVIDIA, Applied Materials, and Lam Research, Newsom and Padilla said. -- Health insurance stocks fell sharply Monday in late trading after US regulators didn’t boost payments for private Medicare plans like the industry had come to expect.
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