Applied Materials ($AMAT) Denied US Chips Act Funding for $4 Billion Silicon Valley Project

Aug 1, 2024, 12:42 AM

Applied Materials ($AMAT) has been denied funding from the US Chips Act for its proposed $4 billion research and development facility in Silicon Valley. This decision highlights potential gaps in the US government's approach to supporting semiconductor research. The denial of funds to Applied Materials, a leading chip-equipment maker, suggests that the US is unlikely to support major chip-equipment manufacturers with direct subsidies from the Chips Act. The information was reported via @mackhawk.