Asia Tech Wire (Aug 1) -- U.S. officials informed Applied Materials Inc. that the chip equipment supplier will not receive U.S. Chip Act funding for its research and development center, according to Bloomberg.

The company had hoped to get U.S. funding for its $4 billion R&D center project in Sunnyvale, California, through a program designed for large-scale chip production sites, an effort that began more than a year ago, the report said.

But U.S. Commerce Department officials deemed the project ineligible and rejected Applied Materials' application, people familiar with the matter said.