Chips companies will be lucky to get half of subsidies sought, US Commerce Secretary says

FILE PHOTO: U.S. Secretary of Commerce Gina Raimondo attends a press conference at the Boeing Shanghai Aviation Services near the Shanghai Pudong International Airport, in Shanghai, China August 30, 2023. REUTERS/Aly Song/File Photo

WASHINGTON (Reuters) - U.S. Commerce Secretary Gina Raimondo said Monday chips companies seeking government subsidies from a $52.7 billion program are expected get significantly less than they sought.

Raimondo said she is pushing chips companies "to do more for less" in order to fund more projects. She said her conversations with chips company CEOs typically include them asking for billions in government assistance, which she says is reasonable.