Top microchip makers are postponing their expansion into the U.S. and setting up shop in Israel and Russia due to equity caveats that are required for them to receive grants from the U.S. government.
The Biden administration promised earlier this year that they would be handing out $39 billion in grants to encourage semiconductor manufacturing in the U.S.
Shortly after the announcement however, Intel announced they would be holding off on their Columbus factory, while Samsung also delayed their facility in Texas.
Despite the billions in subsidies, two experts believe the tech companies’ decision to back out of building manufacturing facilities in the U.S. stems from the diversity, equity and inclusion policy.
In an opinion piece for The Hill, CEO of Strive Asset Management Matt Cole and head of research at the company, Chris Nicholson, say the subsidies are so ‘loaded with DEI that it can’t move.’
The Biden administration promised earlier this year that they would be handing out $39 billion in grants to encourage semiconductor manufacturing in the U.S.
The Biden administration promised earlier this year that they would be handing out $39 billion in grants to encourage semiconductor manufacturing in the U.S.
Two experts believe the tech companies’ decision to back out of building manufacturing facilities in the US stems from the diversity, equity and inclusion policy. Pictured: Technicians inspect a piece of equipment during a tour of the Micron Technology automotive chip manufacturing plant
Two experts believe the tech companies’ decision to back out of building manufacturing facilities in the US stems from the diversity, equity and inclusion policy. Pictured: Technicians inspect a piece of equipment during a tour of the Micron Technology automotive chip manufacturing plant
The pair say that Intel has now built manufacturing plants in Poland and Israel, meaning they would rather deal with threat of Hamas rockets and Russian aggression than the government’s DEI regime.
While Samsung is pivoting toward making South Korea the home of its semiconductor manufacturing plant.
The Taiwan Semiconductor Manufacturing Company (TSMC) has also pushed back production of a second facility in Arizona.
The subsidies are paid for by the CHIPS and Science Act, a $280 billion bill to fund domestic semiconductor chip manufacturing and boost competitiveness with China.
The package includes $52 billion in funding for U.S. companies to produce computer chips as well as a 25 percent tax credit for companies who invest in the market.
It includes $39 billion for chip manufacturing companies to expand and modernize their technologies.
The act also authorized $11 billion to be given to the Commerce Department for research and development and another $81 billion for the National Science Foundation.
In their piece, Cole and Nicholson said that part of the CHIPS money calls for the creation of Chief Diversity Officers and helping minority groups.
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