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Slowing electric vehicle sales at a time when customers are clearing excess inventory have weighed heavily on demand for chips in the automotive industry, hitting chipmakers such as Microchip Technology amid an uncertain economic environment.
The Biden administration on Monday announced it will grant $285 million from CHIPS and Science Act funding for a first-of-its-kind institute to develop digital twins for the chip manufacturing industry.
Companies like Motorola and Intel have been building microchips in Arizona for decades. The latest funding from the CHIPS Act could expand the industry in Phoenix. Read more
OPENING CALL Stock futures held steady on Tuesday, continuing a rally that followed a weaker-than-expected jobs report which boosted expectations of an interest-rate cut from the Federal Reserve... -May 07, 2024 at 06:25 am EDT - MarketScreener
Microchip Technology: Moorthy said the June quarter marks the bottom of the cycle for the company and the business will return to revenue growth in the second quarter, ending September.