Microchip pauses chips act application after scaling back plans

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Microchip pauses chips act application after scaling back plans

//science-technology.news-articles.net/content/2 .. ps-act-application-after-scaling-back-plans.html

Published in Science and Technology on Tuesday, December 3rd 2024 at 19:02 GMT by Tim Hastings
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

MICROCHIP Technology is pausing its application for US semiconductor subsidies, sources familiar with the matter said, making it the first known company to step back from a programme designed to revitalise American chipmaking.

Microchip Technology Inc. has decided to pause its application for funding under the U.S. CHIPS and Science Act after scaling back its expansion plans. The company, which had initially planned a significant investment in new facilities, has adjusted its strategy due to a reassessment of market conditions and demand forecasts. This decision reflects broader industry trends where companies are reevaluating their growth strategies amidst economic uncertainties and shifts in technology demand. The CHIPS Act aims to boost domestic semiconductor production, but Microchip's move indicates a cautious approach to expansion in the current economic climate.

Read the Full Business Times Article at:
[ https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/microchip-pauses-chips-act-application-after-scaling-back-plans ]