Biden busily finalizes the chip bill agreement before the end of his term, HP Inc. (HPQ.US) receives $53 million in direct funding.

As part of the American CHIPS Act (Creating Helpful Incentives to Produce Semiconductors), HP Inc. (HPQ.US) has secured up to $53 million in direct financing to support domestic manufacturing of next-generation technology and the "lab-to-fab" ecosystem in the United States. This funding was finalized through the CHIPS Incentive Program's Commercial Manufacturing Facility Financing Opportunity and will support the expansion and modernization of HP Inc.'s existing facility in Corvallis, Oregon, as part of the region's "lab-to-fab" ecosystem, transitioning from research and development activities to commercial manufacturing. The parties had announced the signing of a memorandum of understanding last August. The funding will be provided based on HP Inc. meeting project milestones. U.S. Secretary of Commerce Gina Raimondo stated, "The technologies being developed by companies like HP Inc. will bring unprecedented breakthroughs for future generations." "By investing in companies and R&D projects in the semiconductor ecosystem, the Biden-Harris administration is helping to establish and secure domestic semiconductor capabilities, which will help the U.S. continue to outperform other regions in competition and innovation." Among other products, CHIPS funding will support the manufacturing of critical components of silicon equipment for life science laboratory equipment used in drug discovery, single-cell research, and cell line development. The Biden administration is aiming to finalize these agreements before President-elect Trump returns to the White House. The Department of Commerce has announced preliminary agreements with over 20 companies and has reached final agreements with some, including Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US), Intel Corporation (INTC.US), GlobalFoundries (GFS.US), Entegris (ENTG.US), and Micron Technology, Inc. (MU.US).