European Union said to be nearing finalized deal on Chips Act this month
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After agreeing to a 45Bâ¬ plan last year to fund chip production in an effort to reduce reliance on the U.S. and Asia, European Union lawmakers are likely to finalize the deal this month.
The finalized deal could come as soon as April 18, Reuters reported, citing sources with direct knowledge of the matter.
Recent discussions have largely focused on a 400Mâ¬ shortfall, but the European Commission has found much of the money needed to bridge the gap, the news outlet added.
The initial proposal was for cutting-edge semiconductor plants, but the scope has been expanded to include older chips and research and design facilities, the sources added.
In November, envoys of the 27-country bloc unanimously backed an amended version of a previous proposal from the European Commission.
Intel (NASDAQ:INTC) has worked to increase its manufacturing presence on the continent. Last March, the company said it would invest approximately $88B, or 80Bâ¬, in chip manufacturing in Europe over the next decade, including an $18.6B mega fab in Germany.
The company is reportedly still working with the German government on subsidies for the plant.
The Pat Gelsinger-led Intel (INTC) has also worked to build a plant in Italy, having reportedly picked the town of Vigasio in the Italian region Veneto, roughly 70 miles west of Venice.
However, Gelsinger recently said that while Italy is still in the running for the plant, Intel (INTC) has opened its plans to other European countries amid continuing negotiations.
The U.S. passed its $52B CHIPs Act in August 2022 in an effort to reduce reliance on Asia amid rising geopolitical tensions and supply chain disruptions caused by the pandemic.
Related tickers: Intel (INTC), Taiwan Semiconductor (TSM), Samsung (OTCPK:SSNLF), Nvidia (NVDA), STMicroelectronics (STM), Advanced Micro Devices (AMD), Micron Technology (MU), Texas Instruments (TXN)