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Commerce Secretary Gina Raimondo expects all the grant money under the CHIPS Act to be allocated by the end of this year, she told CNBC soon after Samsung (OTCPK:SSNLF) was awarded up to $6.4B in grants to boost production in the U.S.
"We're on a roll," she said on the sidelines of the event announcing Samsung's (OTCPK:SSNLF) award. "We've done three of these in the past month. We'll be doing more in the coming weeks."
The CHIPS and Science Act - aimed at bolstering domestic manufacturing, and reducing reliance on other countries - provides $52.7B for semiconductor research, development, manufacturing, and workforce development, which includes $39B in manufacturing incentives.
The awards so far have focused on advanced chips, with Intel (NASDAQ:INTC) securing up to $8.5B in grants, while Taiwan Semiconductor Manufacturing (NYSE:TSM) was awarded up to $6.6B. Before that, GlobalFoundries was awarded $1.5B under the CHIPS Act, while BAE Systems and Microchip received $35M and $162M each.
That leaves around $16B in incentives to be doled out before the end of the year. Raimondo said the remaining grants will focus on memory chips and investments in suppliers, wafers, and chemicals.