CHIPS Act

“So in order for the government stake to reach 10% demanded by President Donald Trump, Intel had to convert billions in manufacturing grants advanced under the 2022 CHIPS Act, plus 3.2 billion dollars of contracts from the Department of Defense into equity.”

“When I came back, the U.S. Was building about 12% of leading edge. Today, that number is more like 18%.”

“Chips Act did not get passed, only got passed because that happened. And people are like, oh my God, the semiconductors are why cars can't be made. If that didn't happen, we wouldn't even have the Chips Act.”

“I think only Six billion has gone out because there's a bunch of conditions, and you have to actually meet these milestones, and the CHIPS Act is, is very different than how it started.”

“The CHIPS Act most recently is one where if you actually read the text of the CHIPS Act, the money came with, like, an unsolvable set of requirements. Like, there was no way you could actually spend the money.”

“They've received two billion already.”

“The CHIPS Act that, you know, I've often highlighted was dollar for dollar an extremely effective way to start boosting investment.”

“A lot of these companies, if they have to do it in the U S completely, they will need this, you know, in India, we call it viability gap funding. Right? So that Chips Act is basically a viability gap funding.”

“That's the largest, boldest thing the United States has ever done to avoid dependence and in a national security area.”

“When you look inside of the CHIPS Act, As smart as that initial policy was, if you ask, why has nothing actually happened? Why have no fabs actually been built other than grandiose statements? The answer is that, which you speak to in your book. It's just this…”

“Yeah, I love it. I love it. I think, you know, right now I've heard a lot of strange things about how chips act has played out. I haven't followed it as closely as if I was You know, some analysts covering the stuff for the banks, but I mean, it was one of the…”

“And I do think that the, it's the right thing for the U S to be doing, given that China is generally taking a kind of a mercantilist competitive position. And I think that's something that the U S and other you know, kind of countries Europe and everything els…”

“While I expect that the next administration, because they'll say everything the Biden administration did was terrible, we're tearing it all down, that they'll tear it down in words and then keep doing the work, right, would be my hope.”

“So there's, I expect there to be, with kind of the rollout of the CHIPS Act, I expect as chip manufacturing comes back to the US that it's an entire class of jobs that we just have literally never had here. Maybe we did for like five years in the sixties, righ…”

“And I believe that Intel still hasn't gotten paid for anything from the Chips Act.”

“As of today, they have only literally dispersed 0.4% of the chip sacks money to any of these companies.”

“The money has not been dispersed because the deal keeps getting renegotiated to add new political requirements.”

“Japan also kind of had this deal to, you know, their chip sack version. And they're off to the races. They built the fab.”

“Some people say, hey it's not enough or, you know, it doesn't make a difference. I think it's made a huge difference. It's made a huge difference because what it's What it's really done is it's put at the top of the priority list resiliency and semiconductor b…”

“There's a lot of good reasons to believe that even if we incentivize this, we're still hopelessly behind, and the CHIPFAPs that we're building are just, they're still years behind what they have in Taiwan, for example, so it's not clear it's gonna work, is my …”

“Things like the CHIPS Act and other stuff that the U.S. Is Industrial policy that's really driving investment in large capital projects will build that ecosystem back, and then it will be easier to get these things done.”

“And AI takes you straight to chips, which takes you straight to the CHIPS Act, which has not yet resulted in the creation of any chip plants, although it might someday.”

“I believe that you know, the industry as a result, we'll look back on what we do in the last year and say that was the turning point for the entirety of the semiconductor industry. And we will be living on that for the next five decades.”

“These guys are already planned, you know, many years out in terms of their fab construction, right? To like be moving along these fab timelines, right? Like the semiconductor industry is one of the most competitive, fastest moving, absolute most execution orie…”

“The BIL, the IRA, and the CHIPS Act, all three, the biggest components in all three bills, this is Biden's signature legislation, is creating energy independence for America, which will have an enormous Peace dividend. You will not fight these stupid, endless …”