Recent events
2025-12-04
Other facts
PRIMARY
A December 2025 GAO report (GAO-26-107444) found the CHIPS for America Fund partially met only 4 of 9 fraud-prevention requirements and leading practices; it did not establish a dedicated antifraud entity, did not…
2025-08-19
Transactions
SECONDARY
In August 2025, Lutnick announced plans to convert the remaining $5.7 billion in Intel CHIPS Act grants into a non-voting government equity stake, a policy shift from grants to equity investments.
2025-07-28
Transactions
PRIMARY
Bill Frauenhofer, former Global Head of Semiconductor Investment Banking and Head of West Coast Technology Investment Banking at Morgan Stanley, was appointed CPO Director on July 28, 2025.
2025-06-05
Other facts
SECONDARY
By June 2025, Commerce Secretary Howard Lutnick announced the Trump administration was renegotiating some Biden-era CHIPS Act grants, stating some awards 'just seemed overly generous' and may be axed.
2025-03-15
Other facts
SECONDARY
The office grew to approximately 150 employees by early 2025; in March 2025, roughly 80% (approximately 120 staff) were dismissed or resigned under Trump administration cuts led by DOGE.
2025-01-15
Transactions
SECONDARY
Under Schmidt's leadership, the CPO executed 20 final award agreements totaling $34 billion, unlocking more than $450 billion in total investment in U.S. chip production.
2025-01-15
Transactions
SECONDARY
Former President Biden's Commerce Department made CHIPS Act incentive awards totaling $32.5 billion to 32 companies; 95% was finalized in binding contracts between Commerce and 19 companies, with the remaining 13…
2024-05-20
Other facts
PRIMARY
The Commerce OIG found in May 2024 (OIG-24-023-I) that NIST surpassed its hiring goals for the CHIPS program but did not develop a comprehensive workforce plan to meet its human capital needs.
2023-05-15
Other facts
PRIMARY
The CHIPS Act's statutory language (15 U.S.C. § 4652) shields information submitted by covered entities from FOIA disclosure, providing that such information 'shall not be made public.' Both preliminary memorandums of…
2023-02-17
Transactions
PRIMARY
The CPO's chief investment officer, Todd Fisher, was a 30-year KKR veteran; senior relationship director Brad Koenig was a former Goldman Sachs senior partner and global head of technology investment banking; chief…
2022-09-15
Transactions
PRIMARY
The CHIPS Program Office was established in September 2022, housed within NIST at the Department of Commerce, to administer the $52.7 billion CHIPS and Science Act — $39 billion for semiconductor manufacturing…
2022-09-15
Other facts
PRIMARY
Michael Schmidt, a former Treasury official who managed the Child Tax Credit program and previously served as New York State Department of Taxation and Finance Commissioner, was the inaugural CPO Director from…
2022-08-09
Transactions
PRIMARY
The CHIPS and Science Act of 2022 was enacted August 9, 2022 (Pub. L. 117-167). Its centerpiece is $39 billion in grants for semiconductor factories, with $11 billion for R&D and workforce development, plus a 25%…
