CHIPS Act expected to be killed after mass firings of NIST employees this week
Multiple reports have pieced together that the multi-billion-dollar CHIPS Act is currently on the chopping block as departures of hundreds of National Institute of Standards and Technology (NIST) workers are expected to receive layoff notices this week. NIST workers headed the CHIPS Act by organizing the signatures of multiple companies to receive grants, and according to reports from Bloomberg, Axios, and now Semiconductor Advisors analyst Robert Maire, employees at NIST that have worked less than two years at the agency, including those who have received a promotion, will soon be let go.
As a result, the CHIPS Act will be dissolved, as no one will be left to administer it. Trade tariffs are expected to replace it.
SMH was down 6% and I was trying to understand why as nVidia's report was okay and chips are a growth engine. Well, they were a growth engine.