Microchip makes progress toward final CHIPS Act agreement

CHANDLER, AZ — Microchip Technology Inc. is “making progress” toward a final agreement with federal officials for a CHIPS Act award, the Chandler-based company’s top executive said on an earnings call Wednesday.

Microchip (Nasdaq: MCHP) expects a final agreement with the U.S. Department of Commerce for a CHIPS Act award package to occur before the end of December, Ganesh Moorthy, CEO of Microchip, told investors and analysts on the earnings call.

“We don’t yet have an agreement on the CHIPS Act,” he said. “We’re working through it. We’re optimistic about it.”

The U.S. Department of Commerce in January inked a preliminary agreement with Microchip for $162 million in CHIPS Act incentives, the Business Journal previously reported.

Read more of this story from the Business Journal.