"U.S. Invests $162 Million in Microchip Production to Strengthen Semiconductor Industry"

The U.S. government is awarding Microchip Technology $162 million to expand its semiconductor production facilities in Oregon and Colorado, aiming to strengthen the domestic supply chain and reduce reliance on foreign chips. This grant, part of the CHIPS and Science Act, is expected to create over 700 jobs and triple the company's output at the two sites. The funding will also help Microchip, a key supplier to the defense industry and critical national industries, to decrease its dependence on foreign production facilities. The Commerce Department is conducting due diligence before finalizing the terms of this preliminary agreement.