These critical U.S. companies were named in the CHIPS Act and have received preliminary agreements (Preliminary Memoranda of Terms, or PMTs)—but for which funding has not yet been fully disbursed (i.e., not finalized yet):
1. Microchip Technology (NASDAQ: MCHP)
-
The U.S. Department of Commerce signed a non-binding Preliminary Memorandum of Terms (PMT) to provide approximately $162 million under the CHIPS and Science Act, aimed at bolstering domestic semiconductor supply for automotive, defense, and aerospace industries. That funding has not yet been finalized.
Z2Data+10NIST+10TSMC+10 -
In a twist, Microchip later backed off pursuing the grant for expansion of its Gresham, Oregon facility. That further suggests no disbursement has occurred yet.
KGW+1
2. Micron Technology (NASDAQ: MU)
-
Micron has a preliminary agreement for a $6.1 billion CHIPS Act grant to build a chip fabrication campus in Clay, New York ("megafab") and boost capacity in Boise, Idaho.
Chuck Schumer's Senate Website+15Wikipedia+15 -
As of now, this remains preliminary, which implies that funding has not been fully disbursed.
Barron'sThe Verge
3. GlobalFoundries (NASDAQ: GFS)
-
In February 2024, GlobalFoundries signed a preliminary agreement for over $1.5 billion in CHIPS funding to strengthen domestic legacy chip supply.
New York Post+1 -
The award was later finalized in November 2024—meaning the preliminary stage was completed and funding is now moving forward.
Wikipedia
4. Intel (NASDAQ: INTC)
-
Intel had a preliminary agreement that included up to $8.5 billion in grant funding (plus eligibility for loans and tax credits) for new or expanded fab sites.
Newsroom+1U.S. Department of Commerce -
That award was finalized in late 2024;
(The administration recently turned this into a 10% ownership of Intel.)
NewsroomU.S. Department of Commerce
Summary Table
| Company | Preliminary Agreement? | Finalized? | Status |
|---|---|---|---|
| Microchip | Yes, ~$162 M PMT | No, not finalized | Funding has not been disbursed |
| Micron | Yes, ~$6.1 B PMT | No, not finalized | Still in preliminary stage |
| GlobalFoundries | Yes, ~$1.5 B PMT | Yes, finalized | Funding now moving forward |
| Intel | Yes, ~$8.5 B PMT | Yes, finalized | Funds now to be disbursed |
Companies still in preliminary-only stage (no final disbursement yet):
-
Microchip Technology (MCHP) – ~$162 M PMT, not finalized.
-
Micron Technology (MU) – ~$6.1 B PMT, not finalized.
Ed Note: Listen to any hints of more investments coming from Commerce Secretary Howard Lutnik in late September or before!
narrowing to AI tech & infrastructure and focusing on U.S.-domiciled names, here’s a balanced list of 10 companies that (a) are strategically important for American tech leadership, and (b) could see outsized upside if the U.S. government explicitly takes a position or expands incentives.
Core chip manufacturing (the foundation)
1) Intel (NASDAQ: INTC) — Leading-edge and advanced packaging fabs across AZ/OH/OR/NM; already the single biggest CHIPS Act beneficiary (grants + loans). A direct stake would further de-risk multi-node U.S. capacity and supply chain resilience. ReutersU.S. Department of Commerce
2) Micron Technology (NASDAQ: MU) — U.S. leader in DRAM/HBM and NAND; memory is the oxygen of AI clusters. The White House already announced a preliminary CHIPS package up to ~$6.1B for new U.S. fabs—government equity/co-investment would accelerate HBM ramp critical to training/inference. The White HouseThe Verge
3) GlobalFoundries (NASDAQ: GFS) — Only U.S. pure-play foundry at scale, trusted for DoD needs; finalized up to $1.5B CHIPS award to expand New York and modernize Vermont (incl. GaN). A government position would fortify secure domestic supply for auto/defense/edge-AI. NISTGlobalFoundries
4) Microchip Technology (NASDAQ: MCHP) — Mature-node MCUs/analog that go into everything from defense systems to data-center controls; ~$162M preliminary CHIPS support to expand U.S. fabs. Additional public backing would harden this critical “everywhere silicon” tier. NIST
AI compute & systems (where the work gets done)
5) Super Micro Computer (NASDAQ: SMCI) — Designs/racks full AI systems (GB200/NVL72, HGX B200) and leads on liquid-cooling at rack scale; a federal position signals confidence in domestic AI-server capacity and speeds deployments for gov/defense workloads. SupermicroSupermicro
6) Arista Networks (NYSE: ANET) — The Ethernet backbone for AI clusters (400/800G today, 1.6T on deck). Government support would catalyze U.S.-based networking scale-out across federal/HPC sites. Arista Networks
7) Lattice Semiconductor (NASDAQ: LSCC) — Ultra-low-power FPGAs for edge-AI, control, and security—ideal for ruggedized, power-constrained defense/industrial endpoints. A stake would expand “AI at the edge” capacity domestically. latticesemi.com+1
AI data-center infrastructure (power, cooling, reliability)
8) Vertiv (NYSE: VRT) — Power distribution & advanced liquid-cooling that make giga-scale AI sites possible; expanding NA solutions specifically to ease AI deployments. Federal backing would accelerate retrofits/new builds across critical facilities. Vertiv InvestorsVertiv
Materials & devices that unlock performance
9) Wolfspeed (NYSE: WOLF) — Silicon-carbide (SiC) devices and materials for efficient power (AI data centers, high-power PSUs, EV charging). Proposed $750M CHIPS support + large private capital—public co-investment would speed U.S. SiC capacity vital to AI power chains. WolfspeedSEC
10) MP Materials (NYSE: MP) — U.S. rare-earths mining/separation; DoD has already funded HREE separation at Mountain Pass. A deeper stake would cement a domestic magnet/REE supply for defense, motors, and data-center equipment.
(Recently turned into an investment in the company by the administration)
Why these 10?
-
National-security leverage: Together they span logic, memory, foundry, servers, networking, power/cooling, edge FPGAs, SiC power, and REE supply—i.e., every chokepoint between sand and AI output.
-
Policy momentum: CHIPS/DPA precedents exist (Intel, Micron, GlobalFoundries, Microchip; DoD for MP). Additional capital or a formal government position would reduce financing risk and accelerate
