The U.S. Department of Commerce has announced $874 million in incentives to secure domestic supply chains for advanced computing, artificial intelligence and chip development.
According to a July 29 release, the funds are divided across letters of intent to seven companies, in a bid to boost the performance of the world's fastest computers and establish the United States' place in the global compute supply chain.
“With today’s compute supply chain investments, the Trump Administration is accelerating America’s innovation engine,” said Secretary of Commerce Howard Lutnick. “These strategic investments will enhance our country’s domestic capabilities, create high-paying jobs and keep America at the forefront of the semiconductor industry.”
As part of the initiative, semiconductor manufacturer GlobalFoundries will get up to $300 million to accelerate domestic research and development by two to three years. Tech startup Kepler will also get $245 million to develop a new generation of high-performance AI memory technology, while semiconductor equipment manufacturer Multibeam Corporation will receive $140 million to develop advanced chip packaging technology.
The money will come from previously established CHIPS Act grants. In return for providing those funds, the Department of Commerce will get a minority, non-controlling equity stake in each of the seven companies.
