Biden Finalizes CHIPS Act Awards: $6.6B to TSMC's Arizona Factory, $68M to Akash Systems for AI and Space Tech

Nov 15, 2024, 10:06 AM

The Biden administration has finalized incentive awards under the CHIPS and Science Act to semiconductor companies, including TSMC and Akash Systems, marking significant steps in bringing semiconductor production back to US soil. TSMC is set to receive up to $6.6 billion in funding to support its new Arizona factory, with the funds to be disbursed in stages and at least $1 billion expected by the end of 2024. Akash Systems, an Oakland-based semiconductor startup focusing on AI and space technologies, has been approved for more than $68 million in grants and tax credits through the CHIPS Act, including a non-binding preliminary memorandum of terms for up to $18.2 million in proposed direct funding from the Department of Commerce.