The White House is mulling a plan to reallocate at least $2B from the CHIPS Act to fund critical minerals projects and increase Commerce Secretary Howard Lutnick’s influencce over the sector, Reuters’ Ernest Scheyder and Jarrett Renshaw report, citing two sources familiar with the matter. The proposed change would take from funds already allocated by Congress for semiconductor research and the building of chip plants, avoiding a fresh spending request as it aims to cut U.S. dependence on China for critical minerals, the authors note. Publicly traded companies in the semiconductor space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN). Companies in the minerals space include MP Materials (MP), Energy Fuels (UUUU), USA Rare Earth (USAR), and Critical Metals (CRML).
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