The finalized funding comes as the Biden administration and chipmakers reportedly rush to complete agreements before the incoming Trump administration. Polar Semiconductor was the first to finish negotiations and finalize its agreement. U.S. chip pioneer Intel (INTC) reportedly expects to finalize its $8.5 billion Chips Act grant before the end of the year.
During an appearance on The Joe Rogan Experience, president-elect Donald Trump criticized the Chips Act which was passed by the Biden administration in 2022 — partly to spur domestic advanced chip manufacturing.