Struggling Chipmaker Microchip Hits Pause On Biden Semiconductor Subsidy

Microchip Technology Inc (NASDAQ:MCHP) halted its application for U.S. semiconductor grants, Bloomberg cited chief Steve Sanghi at a UBS conference Tuesday.

The chipmaker was a contender for $162 million in grants from the Chips Act.

Microchip stock plunged 29% year-to-date, emerging as one of the dampeners in the Philadelphia Stock Exchange Semiconductor Index.

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