Macro Cycle
Tracking CHIPS Act Subsidy Disbursements: Which Companies Have Received Funds?
The CHIPS and Science Act has moved from legislation on paper to money on the table. Passed in 2022, it earmarks tens of billions of dollars in subsidies and tax incentives to rebuild U.S. semiconductor manufacturing, advanced packaging, and upstream supply chains, alongside new support for emerging domains such as quantum computing.
Big Fund III’s 300B Yuan Allocation: Equipment, Materials, and HBM Breakdown
China’s third national semiconductor investment vehicle—commonly referred to as “Big Fund III”—marks a new phase in the country’s effort to build a more self‑sufficient and globally competitive chip ecosystem. With a planned war chest on the order of 300 billion yuan, the fund is widely expected to pivot from simply backing wafer capacity toward deeper, more targeted investments in equipment, materials, and memory technologies such as high‑bandwidth memory (HBM).