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President Donald Trump has set up a new body within the Commerce Department to manage the CHIPS and Science Act, 2022.

What Happened: A new entity, the United States Investment Accelerator within the Commerce Department, will now oversee the CHIPS Act program, as established by an executive order signed by Trump on Monday.

Despite Trump’s past criticism of the bipartisan legislation, the White House said in its fact sheet that the new office will focus on “negotiating much better CHIPS Act deals” and streamlining investment processes through reduced regulatory burdens and faster permitting.

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According to the Semiconductor Industry Association, the CHIPS Program has granted awards worth $32.5417 billion and provided loans up to $5.85 billion to 32 companies across 23 states.

However, the new entity — Investment Accelerator that will be controlling the CHIPS Act, not only plans to expedite corporate investments but promises to deliver ” the benefit of the bargain for taxpayers,” as per the Whit House fact sheet.

Other primary goals of the body include;

Reducing regulatory burdens

Speeding up permitting;

Coordinating responses to investor issues across multiple Federal agencies;

Increasing access to national resources;

Facilitating collaboration with national laboratories;

Working with all 50 state governments and their economic development organizations.

Here are the U.S.-listed beneficiaries that have received grants under the CHIPS and Science Act, 2022 in the past.

Company Stocks YTD Performance One-Year Performance Amkor Technology Inc. (NASDAQ:AMKR) -30.57% -43.23% Analog Devices Inc. (NASDAQ:ADI) -4.58% 2.57% Coherent Corp. (NYSE:COHR) -35.44% 8.23% Corning Inc. (NYSE:GLW) -1.99% 40.13% Entegris Inc. (NASDAQ:ENTG) -10.03% -37.79% Globalfoundries Inc. (NASDAQ:GFS) -13.11% -28.73% HP Inc (NYSE:HPQ) -14.72% -8.85% Intel Corp. (NASDAQ:INTC) 12.31% 48.99% MACOM Technology Solutions Holdings Inc. (NASDAQ:MTSI) -22.44% 2.83% Microchip Technology Inc. (NASDAQ:MCHP) -14.89% -46.06% Micron Technology Inc. (NASDAQ:MU) -0.50% -30.10% Polar Power Inc. (NASDAQ:POLA) -30.66% -31.05% Rocket Lab USA Inc. (NASDAQ:RKLB) -28.37% 338% Skywater Technology Inc. (NASDAQ:SKYT) -47.36% -30.08% Texas Instruments Inc. (NASDAQ:TXN) -3.88% 3.77% Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM) -17.65% 17.32% Wolfspeed Inc. (NYSE:WOLF) -53.85% -89.77%

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Why It Matters: Trump has been vocal about his criticism of the CHIPS Act. On March 4, during his joint address to Congress, he said, “Your Chips Act is a horrible, horrible thing.”

Story Continues

He also urged U.S. House Speaker Mike Johnson to “get rid” of it and use “whatever is left over” to “reduce debt or any other reason you want to.”

However, the White House’s new plan has passed on the management of the act to the new entity. Since his time in office, Trump has been able to convince companies to invest in the U.S.

In early March, Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM revealed its plans to inject another $100 billion into U.S. advanced semiconductor manufacturing, significantly expanding its ongoing $65 billion Arizona initiative and bringing total investment to $165 billion.

Similarly, the Magnificent 7 companies are widely expected to spend more than $330 billion on capex in 2025. While the chipmaker Nvidia Corp. (NASDAQ:NVDA) hasn't explicitly mentioned a target during its earnings call, the iPhone maker Apple Inc. (NASDAQ:AAPL) broadly expects to spend $500 billion over the next four years. The remaining companies, however, have provided a specific target for 2025.

Stocks CAPEX Target For 2025 Nvidia Corporation (NASDAQ:NVDA) – Apple Inc. (NASDAQ:AAPL) – Microsoft Corp. (NASDAQ:MSFT) $80 Billion Amazon.com Inc. (NASDAQ:AMZN) $100 Billion Alphabet Inc. (NASDAQ:GOOGL) $75 Billion Meta Platforms Inc. (NASDAQ:META) $65 Billion Tesla Inc. (NASDAQ:TSLA) $11 Billion

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This article Days After Calling The CHIPS Act A 'Horrible Thing' Donald Trump Sets Up New Entity For 'Negotiating Much Better...Deals:' Here's More originally appeared on Benzinga.com

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