The Commerce Department has signed letters of intent to provide $874 million in CHIPS and Science Act incentives to seven companies advancing semiconductor technologies for AI and high-performance computing. On Wednesday, Secretary of Commerce Howard Lutnick stated that these incentives aim to boost U.S. leadership in advanced computing by strengthening domestic supply chains and accelerating AI technologies. GlobalFoundries Inc. will receive up to $300 million to accelerate U.S. R&D of co-packaged optics, integrating photonics with AI processors. Kepler will receive up to $245 million to develop advanced AI memory technology using 3D and ferroelectric technologies. Multibeam Corporation is set to receive up to $140 million to develop advanced chip packaging technology. Extropic, Thintronics, OBSIDIA Semiconductors, and Aeluma would receive investments ranging from $30 million to $75 million for projects focused on low-power computing, advanced semiconductor materials, and counterfeit component detection systems. The companies have signed preliminary agreements, pending further review. In exchange, the government will receive minority, non-controlling equity stakes. The development follows the Trump administration awarding nearly $2 billion in CHIPS Act funding to nine companies in May, including International Business Machines Corp. with $1 billion, GlobalFoundries with $375 million, and quantum computing firms D-Wave Quantum Inc., Rigetti Computing Inc., and Infleqtion Inc. with $100 million each.