Asia Tech Wire (Nov 8) -- The U.S. government is intensifying talks, seeking to finalize agreements related to the CHIPS and Science Act with companies such as Intel and Samsung Electronics before the end of Joe Biden's term, according to Bloomberg, citing people familiar with the matter.

The U.S. Commerce Department has allocated more than 90% of the $39 billion in grants under the CHIPS and Science Act of 2022, but only one binding agreement has been announced.

The department has concluded talks with companies such as TSMC and GlobalFoundries and expects to announce the final disbursement of funds soon, the people said.

In addition, companies such as Intel, Samsung Electronics and Micron Technology are still negotiating some of the substantive details of their contracts.

Donald Trump, who won the 2024 U.S. presidential election this week, slammed the chip bill as "so bad" during a conversation with well-known podcast host Joe Rogan in late October.

As a result, some companies are worried that the bill could change after Trump takes office as U.S. president next January.