Commerce will spend all CHIPS Act money this year [Video]

TAYLOR, Texas — The Commerce Department is on track to dole out all of the $39 billion in grant money allocated under the CHIPS Act by year-end, Commerce Secretary Gina Raimondo told CNBC on Monday.

The Commerce Department is providing the money to semiconductor companies to incentivize them to build out manufacturing production capabilities in the U.S. The Biden administration announced earlier Monday that it would be providing Samsung with up to $6.4 billion in grants to expand two chip plants in central Texas — leaving roughly $16 billion left in subsidies to be distributed before the end of 2024.

“We’re on a roll. We’ve done three of these in the past month. We’ll be doing more in the coming weeks,” Raimondo said in an interview on the sidelines of Samsung’s award announcement event at its Taylor facility. “I expect all of the money in the CHIPS Act will be allocated by the end …