US to award HP $50 million for semiconductor tech project

The US Commerce Department said Tuesday it plans to award $50 million to HP to support the expansion and modernization of an existing company facility in Oregon that will boost key semiconductor technologies.

The proposed funding will support technologies that serve life sciences instrumentation and technology hardware used in artificial intelligence applications and other projects, the department said.

Congress in August 2022 approved a $39 billion subsidy program for U.S. semiconductor manufacturing and related components along with $75 billion in government lending authority and a 25% investment tax credit worth an estimated $24 billion.