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President Donald Trump during his joint address to Congress on Tuesday evening called for ending the CHIPS Act, which provides manufacturing incentives to semiconductor companies setting up their facilities in the U.S.
What Happened: During a primetime address to Congress on Tuesday, the president criticized the legislation, saying, "Your Chips Act is a horrible, horrible thing." Trump urged U.S. House Speaker Mike Johnson to "get rid" of it and use "whatever is left over" to "reduce debt or any other reason you want to."
According to Semiconductor Industry Association, the CHIPS Program has fueled investments in American semiconductor manufacturing. About $38 billion in grants and loans have been awarded to 32 companies across 23 states, mobilizing over $380 billion in private investment and creating an estimated 145,000 new jobs by 2030.
Most notably, the Departments of Defense and Commerce awarded Intel Corp. up to $3 billion in CHIPS Act funding to expand domestic manufacturing of advanced semiconductors, strengthening the U.S. supply chain for critical national security needs.
Taiwan Semiconductor Mfg. Co. Ltd., on the other hand, was the recipient of $6.6 billion worth of grants, out of which $5 billion was a loaned amount for setting up projects worth $65 billion in Phoenix, Arizona.
Here are the U.S.-listed beneficiaries that have received grants under the CHIPS Act.
| Company Stocks | YTD Performance | One-Year Performance |
| Amkor Technology Inc. (NASDAQ:AMKR) | -21.57% | -37.79% |
| Analog Devices Inc. (NASDAQ:ADI) | 7.02% | 19.17% |
| Coherent Corp. (NYSE:COHR) | -30.84% | 5.51% |
| Corning Inc. (NYSE:GLW) | -0.46% | 43.05% |
| Entegris Inc. (NASDAQ:ENTG) | 1.15% | -27.49% |
| Globalfoundries Inc. (NASDAQ:GFS) | -11.56% | -28.48% |
| HP Inc (NYSE:HPQ) | -9.79% | 0.55% |
| Infinera Corp. (NASDAQ:INFN) | 1.07% | 28.93% |
| Intel Corp. (NASDAQ:INTC) | 5.49% | -50.58% |
| MACOM Technology Solutions Holdings Inc. (NASDAQ:MTSI) | -15.20% | 20.75% |
| Microchip Technology Inc. (NASDAQ:MCHP) | 2.22% | -32.11% |
| Micron Technology Inc. (NASDAQ:MU) | 4.43% | -3.46% |
| Polar Power Inc. (NASDAQ:POLA) | -29.51% | -16.33% |
| Rocket Lab USA Inc. (NASDAQ:RKLB) | -23.90% | 348% |
| Skywater Technology Inc. (NASDAQ:SKYT) | -35.93% | -24.96% |
| Texas Instruments Inc. (NASDAQ:TXN) | 4.22% | 14.18% |
| Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM) | -10.71% | 33.36% |
| Wolfspeed Inc. (NYSE:WOLF) | -20.51% | -80.08% |
Why It Matters: A few hours before Trump’s Congress address, TSMC announced plans to invest an additional $100 billion in advanced semiconductor manufacturing in the United States. Building on a $65 billion project already underway in Arizona, this expansion brings the company’s total U.S. investment to a massive $165 billion.
Addressing TSMC’s latest investment, Trump said, “All that was important to them was they didn't want to pay the tariffs. So they came and they're building. And many other companies are coming. We don't have to give them money, we just want to protect our businesses and our people, and they will come because they won't have to pay tariffs if they build in America.”
Price Action: The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell on Tuesday. The SPY declined 1.18% to $576.86, and the QQQ dropped 0.30% to $495.55, according to Benzinga Pro data.
On Wednesday, the futures of Dow Jones were up 0.47%, S&P 500 traded 0.60% higher, whereas Nasdaq 100 futures advanced by 0.72%.
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Photo courtesy: Shutterstock
Posted In: ADI AMKR COHR ENTG GFS GLW HPQ INFN INTC MCHP MTSI MU POLA QQQ RKLB SKYT SPY TSM TXN WOLF
