The CHIPS and Science Act is a United States federal law, enacted as Public Law 117-167 on August 9, 2022, that appropriated $52.7 billion for domestic semiconductor manufacturing, research, and workforce programs, created an investment tax credit for chip fabrication plants, and authorized large multi-year budget increases for federal science agencies [1][2]. Division A of the law, which the statute allows to be cited as the CHIPS Act of 2022, supplied money for an incentives program that Congress had authorized two years earlier in Section 9902 of the fiscal year 2021 National Defense Authorization Act but had never funded [1][3].

The law's semiconductor money is aimed at the physical layer that AI systems depend on: leading-edge logic wafers, high bandwidth memory, advanced packaging, and the equipment and materials that feed them. The Commerce Department's stated goal for the program was to move the United States from zero percent of global leading-edge logic chip manufacturing in 2022 to roughly 20 percent by 2030 [5][9]. By January 2025 the department had signed final awards with 19 companies covering 40 commercial fab projects, worth $30.7 billion in direct funding plus $5.5 billion in loans [3][9].

Implementation then changed character. Beginning in March 2025 the second Donald Trump administration reopened award agreements, folded the CHIPS Program Office into a new Investment Accelerator, converted Intel's remaining grants into a government equity stake, canceled the operating agreement for the National Semiconductor Technology Center, and attached minority equity stakes to new awards [3][6][7][29]. Appropriations to the Commerce Department for the incentives program run out at the end of fiscal year 2026, which puts the program's future in front of Congress [3].

Background

The United States share of global semiconductor fabrication capacity fell from roughly 37 percent in 1990 to about 10 percent in 2022, while capacity concentrated in East Asia, particularly Taiwan and South Korea [3]. Pandemic-era shortages of automotive and industrial chips in 2020 and 2021 turned that long-running trend into an immediate political problem, and members of Congress framed the concentration of leading-edge production as both an economic competitiveness issue and a national security one.

Congress first authorized a semiconductor incentives program in Section 9902 of the fiscal year 2021 National Defense Authorization Act (P.L. 116-283), which let the Secretary of Commerce provide financial assistance for fabrication, assembly, testing, advanced packaging, and research and development, but appropriated no money for it [3]. The Senate passed a broader competitiveness package, the United States Innovation and Competition Act (S. 1260), in June 2021 [3]. After more than a year of negotiation the House and Senate settled on a narrower bill that combined semiconductor appropriations with authorizations for federal research agencies, and Joe Biden signed it on August 9, 2022 [1][3].

The Congressional Budget Office estimated the package would increase deficits by $48 billion over five years and $79 billion through 2031, with the advanced manufacturing investment credit accounting for $24.3 billion of that total [8].

What the law funds

Semiconductor appropriations

The $52.7 billion in Division A is not a single pot. Most of it, $50 billion, went to the CHIPS for America Fund at the Commerce Department, split between manufacturing incentives and a research and development ecosystem. Three smaller funds went to defense-related microelectronics, international supply chain security work, and workforce and education [1][2][4][9].

Fund	Amount	Purpose
CHIPS for America Fund (incentives)	$39 billion	Direct funding for building, expanding, or modernizing fabs and related facilities
CHIPS for America Fund (R&D)	$11 billion	NSTC, advanced packaging, a Manufacturing USA institute, and metrology research
CHIPS for America Defense Fund	$2 billion	Microelectronics for defense and intelligence needs
CHIPS for America International Technology Security and Innovation Fund	$500 million	International supply chain and telecommunications security
CHIPS for America Workforce and Education Fund	$200 million	Semiconductor workforce development

The law also authorized up to $75 billion in direct loans and loan guarantees, a facility used far less than the grant authority [9]. Within the $39 billion, Congress later carved out up to $3.5 billion for the Secure Enclave, a program to produce leading-edge chips for the Department of Defense and the intelligence community [9].

The investment tax credit

Section 107 of the CHIPS Act, headed "Advanced manufacturing investment credit," created a credit codified at Internal Revenue Code section 48D, originally worth 25 percent of qualified investment in facilities whose primary purpose is manufacturing semiconductors or semiconductor manufacturing equipment [1][10][11]. Taxpayers may elect to treat the credit as a payment against tax equal to the amount of the credit rather than claiming it against tax liability, which matters for companies building fabs years before they generate taxable income [10].

The fiscal year 2025 reconciliation law (P.L. 119-21, commonly called the One Big Beautiful Bill Act, signed July 4, 2025) raised the rate from 25 percent to 35 percent for property placed in service after December 31, 2025 [3][11]. The credit is available only for projects that begin fab construction before December 31, 2026, and the Congressional Research Service has flagged whether to extend that deadline as a live question for Congress [3].

Congress amended the CHIPS Act once more through the Building Chips in America Act (P.L. 118-105), which exempted certain CHIPS-funded manufacturing activities from review under the National Environmental Policy Act and the National Historic Preservation Act [3].

The science authorizations

Division B, the larger half of the bill by headline dollars, authorized rather than appropriated. It set five-year authorization ceilings of roughly $81 billion for the National Science Foundation, including $20 billion for a new NSF Directorate for Technology, Innovation and Partnerships, about $9 billion for NIST, and growth of nearly 50 percent for the Department of Energy Office of Science, plus $10 billion for regional technology hubs [12][14].

Authorizations are ceilings, not money. Appropriators never came close to the targets. In the fiscal year 2024 cycle the Federation of American Scientists calculated that NSF, the DOE Office of Science, and NIST were collectively about $7.5 billion below authorized levels, with NSF alone short by roughly $6 billion, or 39 percent [13]. The regional Tech Hubs program had received about 5 percent of its $10 billion authorization by early 2024 [14]. The gap widened further in 2025, when the administration's fiscal year 2026 request proposed cutting NSF to $3.9 billion, a small fraction of the roughly $19 billion the law had authorized the agency to reach by fiscal year 2027 [12][15].

How the incentives program worked

NIST established two offices to run the money: the CHIPS Program Office for manufacturing incentives and the CHIPS Research and Development Office for the research programs [9]. The Program Office published its Commercial Fabrication Facilities notice of funding opportunity on February 28, 2023, and accepted full applications through June 18, 2024. It received 692 statements of interest, 167 pre-applications, and 92 full applications [9].

Applicants that passed merit review received a preliminary memorandum of terms, a nonbinding document that set an indicative award size. Commerce then ran due diligence before negotiating a final award. Money is disbursed against negotiated project milestones rather than up front, so a signed award sets a reimbursement schedule rather than transferring cash [3][9]. The Government Accountability Office counted 161 milestones across the 40 projects, of which companies had submitted completion reports for 24 as of July 2025, with the last milestone not due until October 2033 [5]. Announced award totals and disbursed cash are therefore different numbers, a distinction that runs through most of the later argument about whether recipients were spending their awards.

Major awards

The Commerce Inspector General published the full award table as of January 31, 2025. Direct funding totaled $30.663 billion across 19 companies, with $5.5 billion in loans going to just two recipients, TSMC and SK hynix [9].

Company	Direct funding	Loans	Final award announced
TSMC Arizona	$6.565 billion	$5.0 billion	November 15, 2024
Intel	$7.865 billion	none	November 26, 2024
Micron Technology	$6.165 billion	none	December 10, 2024
Samsung	$4.745 billion	none	December 20, 2024
Texas Instruments	$1.610 billion	none	December 20, 2024
GlobalFoundries	$1.587 billion	none	November 20, 2024
SK hynix	$458 million	$500 million	December 19, 2024
Amkor Technology	$407 million	none	December 20, 2024
GlobalWafers	$406 million	none	December 17, 2024
Hemlock Semiconductor	$325 million	none	January 7, 2025

Smaller final awards went to Polar Semiconductor, Infinera, Entegris, Absolics, HP, BAE Systems, Corning, Rocket Lab, and Edwards Vacuum [3][9]. Intel separately received up to $3 billion through the Secure Enclave program, announced September 16, 2024 and executed by the Department of Defense under an agreement with Commerce [3][9].

The awards skew heavily toward advanced logic and memory rather than the mature-node chips that caused the 2021 shortages [9].

Category	Direct funding
Leading-edge logic	$18.1 billion
Leading-edge memory	$6.1 billion
Current generation and mature node	$3.209 billion
Secure Enclave	$3.0 billion
Wafer manufacturing, materials and equipment	$1.484 billion
Advanced packaging	$1.478 billion
Workforce development	$293 million

TSMC's award supports three greenfield fabs in Phoenix, Arizona, against private investment the company then put at more than $65 billion [17]. Intel's covers projects in Arizona, New Mexico, Ohio, and Oregon [16]. Micron's supports high-volume DRAM fabs in Clay, New York and Boise, Idaho, plus a preliminary $275 million for legacy DRAM work in Manassas, Virginia [18]. Samsung's covers two leading-edge logic fabs and a research fab in Taylor, Texas alongside its existing Austin site [19]. SK hynix received $458 million in direct funding and access to $500 million in loans for an advanced packaging and HBM back-end facility at Purdue University Research Park in West Lafayette, Indiana [20].

Twelve companies that signed preliminary memoranda, including Wolfspeed at up to $750 million, Bosch at $225 million, Microchip Technology at $162 million, and Analog Devices at $105 million, had not received final awards as of June 10, 2026, more than a year after their preliminary terms [3]. Bosch's agreement was signed about a month later, on July 13, 2026, for up to $225 million toward converting its Roseville, California plant to silicon carbide production [37].

Guardrails on China and other countries of concern

The CHIPS Act barred award recipients from expanding semiconductor manufacturing capacity in foreign countries of concern, and Commerce issued the implementing rule, "Preventing the Improper Use of CHIPS Act Funding," on September 25, 2023, effective November 24, 2023 [21]. The rule takes its list of foreign countries of concern from 10 U.S.C. 4872(d), which covers China, Russia, Iran, and North Korea [21].

The rule has two enforcement hooks. The expansion clawback applies for ten years after an award and is triggered by "material expansion" abroad, defined as new cleanroom or other physical space that raises a facility's semiconductor manufacturing capacity by more than 5 percent at leading-edge and advanced facilities or more than 10 percent at legacy facilities [21]. Legacy is defined by node: logic at the 28-nanometer generation or older, DRAM with a half-pitch greater than 18 nanometers, and NAND with fewer than 128 layers [21]. The technology clawback bars knowingly entering joint research or technology licensing with a foreign entity of concern involving technologies that raise national security concerns, and can recover the entire award [21].

These restrictions sit alongside, but are legally separate from, the Bureau of Industry and Security export controls on advanced computing chips and semiconductor equipment and the Entity List designations covering firms such as Huawei and SMIC. The guardrails condition a subsidy; export controls restrict trade regardless of whether a company takes federal money.

Research programs and the NSTC

The $11 billion research side funded four programs: the National Semiconductor Technology Center, the National Advanced Packaging Manufacturing Program, a CHIPS Manufacturing USA institute, and a metrology program. By January 2025 the Research and Development Office had committed about $8.3 billion of it [9].

The NSTC was designed as a public-private consortium. Natcast, a nonprofit, was incorporated on October 19, 2023 to operate it, and Commerce announced its agreement with the organization on November 9, 2023 [9]. On January 16, 2025 the department finalized a ten-year partnership awarding Natcast up to $6.3 billion to run the NSTC, plus about $1.1 billion for advanced packaging work at the NSTC prototyping and advanced packaging piloting facility [9][22].

In August 2025 Commerce Secretary Howard Lutnick refused to honor that arrangement, roughly $7.4 billion in total, arguing that Natcast had not been established in accordance with the Government Corporation Control Act and saying it "served as a semiconductor slush fund." Operational control of the NSTC moved to NIST [23], and in September 2025 Natcast laid off the majority of its staff, keeping a small core team to wind down operations [39]. Reporting on the decision noted that operation of the NSTC by an independent public-private partnership is written into the CHIPS Act, which is the structure Natcast had been built to satisfy [39].

Renegotiation and equity stakes, 2025-2026

On March 4, 2025 President Trump told a joint session of Congress that award recipients "don't spend" their money and said Congress should "get rid of the CHIP[S] Act," pointing to tariffs as a better inducement [3]. On March 31 he signed Executive Order 14255 creating the United States Investment Accelerator inside the Commerce Department and placing the CHIPS Program Office under it, with a mandate to negotiate "much better deals than those of the previous administration" [24]. In June 2025 Lutnick told Senate appropriators that federal funding of "4% or less" of a project's total value looked more appropriate than the shares the previous administration had negotiated [3].

Two recipients reached that ratio by enlarging their projects rather than giving back money. TSMC announced on March 4, 2025 that it would raise its United States commitment to $165 billion, adding three fabs, two advanced packaging plants, and a research center [25]. Micron announced roughly $200 billion in United States investment on June 12, 2025 and on the same day received the additional $275 million for Manassas as incremental direct funding, taking its award to about $6.44 billion, roughly 3 percent of the project total [3][26]. As of July 2026 the Congressional Research Service had identified no CHIPS award that was publicly rescinded or reduced [3].

Intel took a different deal. On August 22, 2025 the company agreed to issue 433.3 million shares at $20.47, a 9.9 percent stake, in exchange for $8.9 billion made up of $5.7 billion in unpaid CHIPS grants and $3.2 billion from the Secure Enclave award [7]. The government also received a five-year warrant for an additional 5 percent at $20 per share, exercisable only if Intel ceases to own at least 51 percent of its foundry business. The stake carries no board seat, but the government agreed to vote with Intel's board on most shareholder matters [7]. The Congressional Research Service noted that on completion the stake would make the federal government Intel's largest single shareholder, and that Intel's August 2025 filing flagged the possibility that the arrangement could later be voided by the courts, Congress, or the administration [3].

Senator Todd Young of Indiana, one of the law's authors, said the arrangement did not match what Congress wrote: "The intent was not for this to happen under the law, as someone who drafted the legislation" [27]. Analysts split between those who saw an emerging national champion in advanced chipmaking and those who warned of inefficiency, politicization, and favoritism [3].

Equity then became routine rather than exceptional. In January 2026 Commerce offered USA Rare Earth up to $277 million in direct funding and up to $1.3 billion in a senior secured loan in return for about 16.1 million shares and a warrant for 17.6 million more [28]. On May 21, 2026 the department announced letters of intent worth $2.013 billion with nine companies to accelerate United States leadership in quantum computing, two of them foundries: $1 billion for IBM and $375 million for GlobalFoundries. The department said it would receive "a minority, non-controlling equity stake in each company as a condition for receiving the funds" [29]. A $500 million research award to SandboxAQ on June 17, 2026, for AI-driven discovery of semiconductor materials, carried the same condition [30]. Another 2026 award, $150 million to xLight for a free-electron laser light source for extreme ultraviolet lithography at the Albany Nanotech Complex, points at the part of the supply chain the United States does not control at all, since ASML is the sole supplier of production EUV scanners [31].

Why it matters for AI compute

Roughly 59 percent of the incentive funding went to leading-edge logic, the category that includes AI accelerators, and another 20 percent to leading-edge memory [3][9]. The first visible results arrived in late 2025.

On October 17, 2025 NVIDIA and TSMC marked the first Blackwell wafer produced at TSMC's Arizona fab, with Jensen Huang calling it "the very first time in recent American history that the single most important chip is being manufactured here" [32]. TSMC executives have attributed an accelerated Arizona schedule to "AI-related demand from our customers," and reporting in December 2025 indicated the second Phoenix fab's mass production had been pulled forward from 2028 to 2027 [3]. In July 2026 Commerce announced that TSMC would add four more facilities and raise its United States commitment to $265 billion, for a planned total of 12 leading-edge fabrication and packaging plants [33].

Intel unveiled Panther Lake, its first client system-on-chip built on the 18A process, on October 9, 2025, calling 18A "the first 2-nanometer class node developed and manufactured in the United States" and saying the part would enter high-volume production at Fab 52 in Chandler, Arizona, later that year [34]. In September 2025 NVIDIA agreed to invest $5 billion in Intel and to co-develop custom x86 data center CPUs with NVLink alongside consumer system-on-chips combining Intel processors with RTX graphics chiplets [35].

Memory and packaging are the other half of the story, and arguably the tighter constraint on AI infrastructure. Micron's New York and Idaho projects target high-volume DRAM production, with Commerce projecting that the United States share of advanced memory manufacturing would rise from less than 2 percent to approximately 10 percent by 2035 [18]. SK hynix's Indiana facility is an HBM back-end and advanced packaging line [20]. Samsung's Taylor fabs, described in program documents as supporting computing and artificial intelligence workloads, became the manufacturing site for Tesla's AI6 chip under a $16.5 billion supply agreement disclosed in July 2025; Elon Musk said the new Texas fab would be dedicated to that part [9][38].

The program is also entangled with the tariff and export-control track. The administration has treated Section 232 tariffs on semiconductors, including a 25 percent duty on certain advanced computing chips effective January 15, 2026, as an alternative lever for onshoring production [36]. Where the CHIPS Act pays companies to build in the United States, tariffs and export controls tax or block the alternatives, and the three instruments now operate together in United States compute governance.

Criticism and unresolved questions

The most consistent criticism concerns the science half of the law. The authorizations for NSF, NIST, the DOE Office of Science, and the regional hubs were never funded near their ceilings. The Federation of American Scientists tracked the gap across successive budget cycles and argued that it was eroding the research base the manufacturing investment was meant to draw on, estimating in April 2024 that the collective purchasing power of NSF core research had declined by more than 15 percent since fiscal year 2021 [13][14].

On the manufacturing side, projects have slipped. Samsung pushed Taylor mass production from 2024 to 2025 while awaiting federal funds; TSMC delayed its second Arizona fab by a year in early 2024, citing subsidy uncertainty and demand; Intel moved its New Albany, Ohio opening from 2026 to 2030 and said in July 2025 it might cancel the project without additional customers; Micron delayed its first Clay, New York fab from 2028 to the third quarter of 2030 [3]. The reasons companies gave overlap: slow federal award timelines, shortages of construction and technician labor, environmental permitting, and uncertain customer demand [3]. The Semiconductor Industry Association has projected that 67,000 semiconductor positions, 58 percent of new jobs created in the industry between 2023 and 2030, would go unfilled [3].

The equity conversions raise a question about statutory authority that has not been settled. The CHIPS Act provides for direct funding through grants, cooperative agreements, and other transactions, plus loans and loan guarantees [9]. Senator Young, who helped draft the law, said an equity stake was not what Congress had in mind, and Intel's own filing acknowledged that the arrangement could later be undone [3][27].

Finally, the program runs on a clock. Fiscal year 2026 is the last year of CHIPS Act appropriations to Commerce for manufacturing incentives, about $4.6 billion of the $39 billion was still unawarded as of January 2025, and the 35 percent tax credit reaches its construction-start deadline on December 31, 2026 [3][9]. Whether Congress extends either instrument, and on what terms, is the open policy question the Congressional Research Service put to lawmakers in July 2026 [3].

References

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Editing: CHIPS and Science Act