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Congress will soon put final touches on the Chips Act, which will provide more than $52bn to companies that design and make semiconductor chips.
The subsidy is demanded by the biggest chipmakers as a condition for making more chips in America.
It’s pure extortion.
The world’s biggest chipmaker (in terms of sales) is already an American corporation – Intel, based in Santa Clara, California.
Intel hardly needs the money. Its revenue rose to $79bn last year. Its chief executive, Pat Gelsinger, got a total compensation package of $179m (which was 1,711 times larger than the average Intel employee).
https://www.theguardian.com/commentisfree/2022/jun/26/us-chips-act-intel-robert-reich
The subsidy is demanded by the biggest chipmakers as a condition for making more chips in America.
It’s pure extortion.
The world’s biggest chipmaker (in terms of sales) is already an American corporation – Intel, based in Santa Clara, California.
Intel hardly needs the money. Its revenue rose to $79bn last year. Its chief executive, Pat Gelsinger, got a total compensation package of $179m (which was 1,711 times larger than the average Intel employee).
https://www.theguardian.com/commentisfree/2022/jun/26/us-chips-act-intel-robert-reich
