The U.S. government put some objectives between CHIPS Act recipients and their money, with milestones including completing building projects, securing customers, etc. “Obviously, with elections, you know, nigh in front of us, hey, we want this done,” said Gelsinger, with the possibility of a new presidential regime lighting a fire of urgency.
Imagine having to do something for your 8.5 billion fucking dollars.
Why won’t the government just give them the money and trust that they’ll do what they said? It worked out great paying companies to roll out fiber years ago, that’s why we’re all on reliable, high speed fiber internet today.
I’m so sick of these welfare queens crying all the time.
This reticence to give out CHIPS Act funding right away apparently stemmed from fears from the government that Intel specifically would not meet its promises. “[There is fear that] Intel is going to take chips money, build an empty shell of a factory and then never actually open it, because they don’t have customers,” said former Commerce Department official Caitlin Legacki.
Honestly this seems like rare reasonable move by the federal government.
I mean, ‘take the money, build an empty factory’ is what tech companies do when you give them a money helicopter.
Maybe we should stop giving them any money and just nationalize these failed businesses that need bailouts? (Yes, yes, Intel isn’t failed - yet - but my point is still valid.)
If they’re important to the national security or whatever, then they’re important enough to go through that process for too.
“We took your $8.5 billion and instead of building 8.5 billion dollars worth of extra capacity, we built the capacity we were in the process of building anyway and used 8.5 billion dollars of our money to buy back stock”
Now he knows how us regular people feel when we have to fight insurance and the doctor’s billing office to get them to code/process the claim correctly and keep calling to bug them for the refund check and it still takes over a year. Welcome to the real word.
I mean, I guess he gets a tiny fraction of that, since this won’t ruin his company or him financially for the rest of his life if it doesn’t work out, nor does he actually put in the work any further than a phone call that his assistant sets up. The rest is all done by various departments, all he does is wait for an email saying it’s been recieved.
