US commerce secretary tells chips companies they will be lucky to get half of subsidies sought

U.S. Commerce Secretary Gina Raimondo said Monday chips companies seeking government subsidies from a $52.7 billion program are expected get significantly less than they sought.

Raimondo said she is pushing chips companies "to do more with less" in order to fund more projects. Raimondo said her conversations with chips companies typically include a major chip company seeking billions in government assistance. "I tell them you will be lucky to get half of that." When they come in to finalize a deal, "where they get less than half of what they wanted."