Raimondo: Commerce Dept. will spend all of the CHIPS Act grant money this year

The Biden administration is poised to spend all of its $39 billion in CHIPS ACT grant money by the end of the year, Commerce Secretary Gina Raimondo told CNBC.

Now that the biggest grants have been doled out, future award packages will focus on memory chips and investments in suppliers, wafers, and chemicals, Raimondo said.The Commerce Department is on track to dole out all of the $39 billion in grant money allocated under the CHIPS Act by year-end, Commerce Secretary Gina Raimondo told CNBC on Monday.

The Commerce Department is providing the money to semiconductor companies to incentivize them to build out manufacturing production capabilities in the U.S. The Biden administration announced earlier Monday that it would be providingwith up to $6.4 billion in grants to expand two chip plants in central Texas — leaving roughly $16 billion left in subsidies to be distributed before the end of 2024."We're on a roll. We've done three of these in the past month.

"It's a little city of manufacturing, and around it will come suppliers," she continued."So when I say the whole ecosystem, it's research and development, packaging, manufacturing, job training, and all of the upstream suppliers which will make America stronger and more secure."Citi says this ‘high risk’ but ‘attractive’ global stock has 280% upside

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