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Why is the US about to give away $52bn to corporations like Intel?

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theguardian.com

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).Intel designs, assembles, and tests its chips in China, Israel, Ireland, Malaysia, Costa Rica, and Vietnam, as well as in the US.The problem for the US is Intel is not helping America cope with its current shortage of chips by giving preference to producers in the United States.

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