Intel, others asked to give projections for CHIPs Act applications
PonyWang

Intel (NASDAQ:INTC) and other semiconductor companies that hope to receive money from the U.S. CHIPs Act are being asked to provide revenue and profit projections in an effort to receive funds.
In a document, the U.S. Commerce Department said the financial statements would be a "critical part" of how the program evaluates programs and assesses their viability, along with economic returns, risks and the size and scope of projects.
In addition, the government agency unveiled a guide on how to build models for the operations of the new facilities and an Excel-based tool to begin the process.
The application for building facilities starts June 26 The Wall Street Journal reported. 
The projections include details such as the number of wafers sold from the facility, the expected price for units and the annual price changes. 
The $52B CHIPs Act also has a controversial measure that includes profit-sharing measures for companies that "significantly exceed the projections," with the projections used to determine the level of profitability.
The CHIPs Act includes subsidies for domestic production and an investment tax credit for chip plants that could be worth an estimated $24B over the next decade. The legislation was designed to reduce the reliance of foreign semiconductor production amid increasing geopolitical tensions, particularly with China. 
After being passed on a bipartisan basis by both legislative branches, it was signed into law by President Biden in August 2022.
After the passing of the law, Bank of America said Intel (INTC) would be the "biggest beneficiary" of the law, but added that it was not a silver bullet amid the company's woes.
Related companies: Intel (INTC), Taiwan Semiconductor (TSM), Micron (MU), Samsung (OTCPK:SSNLF), Nvidia (NVDA), AMD (AMD)