Dailymail.Com By Joe Hutchison 3/9/2024
'Biden's DEI rules are worse than HAMAS': Top microchip makers are postponing US expansion and instead expanding in dangerous Israel and Russia because American grants come with so many 'equity' caveats• Companies including Samsung and Intel are backing out of using the US as a hub to build semiconductor microchip makers
• An opinion piece in The Hill points the finger at the diversity, equity and inclusion necessary in government subsidies as the main reason for the exodus
• The subsidies are paid for by the CHIPS and Science Act, a $280 billion bill to fund semiconductor chip manufacturing and boost competitiveness with China
Top microchip makers are postponing their expansion into the U.S. and setting up shop in Israel and Russia due to equity caveats that are required for them to receive grants from the U.S. government.
The Biden administration promised earlier this year that they would be handing out $39 billion in grants to encourage semiconductor manufacturing in the U.S.
Shortly after the announcement however, Intel announced they would be holding off on their Columbus factory, while Samsung also delayed their facility in Texas.
Despite the billions in subsidies, two experts believe the tech companies' decision to back out of building manufacturing facilities in the U.S. stems from the diversity, equity and inclusion policy.
In an opinion piece for The Hill, CEO of Strive Asset Management Matt Cole and head of research at the company, Chris Nicholson, say the subsidies are so 'loaded with DEI that it can't move.'
The pair say that Intel has now built manufacturing plants in Poland and Israel, meaning they would rather deal with threat of Hamas rockets and Russian aggression than the government's DEI regime.
While Samsung is pivoting toward making South Korea the home of its semiconductor manufacturing plant.
More:
https://www.dailymail.co.uk/news/article-13177465/joe-biden-dei-rules-expansion-israel-russia.html