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Looming shutdown sparks worries about CHIPS funding rollout on November 1, 2023 at 10:00 am Business News | The Hill

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More than a year after President Biden signed the CHIPS and Science Act into law, the Commerce Department is pushing to get billions of dollars in semiconductor manufacturing and research incentives out the door.

But the government is set to run out of money Nov. 17, and a potential shutdown — which could slow down the program’s funding rollout — is not out of the question.

The Commerce Department’s CHIPS Program Office, which is responsible for doling out roughly $50 billion in commercial incentives and research and development (R&D) grants, would stay open during a government shutdown. 

But it would “absolutely have a detrimental impact on our process,” a Commerce official, who was granted anonymity to speak candidly, told The Hill.

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“It would cause a lot of challenges for us, and it would certainly impede our ability to move as fast as we want to,” the official said.

Semiconductor race takes on new urgency

Semiconductors are a vital component of everyday items, from electronic devices to transportation to military technologies.

The United States accounted for 12 percent of the world’s semiconductor manufacturing in 2020, down from 37 percent in 1990, according to the Semiconductor Industry Association’s most recent analysis.

In the race to develop the smallest, most powerful chips, the U.S. currently produces zero percent of leading-edge chips that are critical to national security. 

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Taiwan and South Korea are the dominant producers of the world’s leading-edge chips, raising concerns about how a potential conflict with China over Taiwan would impact supply chains.

Global demand for semiconductors has also continued to grow: McKinsey & Company estimated semiconductors could become a trillion-dollar industry by the end of the decade.

The CHIPS — which is short for the Creating Helpful Incentives to Produce Semiconductors — and Science Act aims to mitigate that risk to U.S. supply chains and increase capacity to produce high-demand chips.

“The state of the industry is one that we’re relying on Taiwan and South Korea primarily for the critical materials that are in everything we own,” Brandt Anderson, a senior policy adviser at Brownstein Hyatt Farber Schreck, told The Hill.

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Before making the move to Brownstein in May, Anderson was a national security adviser for Sen. Todd Young (R-Ind.), working closely with the senator as he helped craft the CHIPS and Science Act. Young introduced earlier versions of the bill, the Endless Frontier Act, with Senate Majority Leader Chuck Schumer (D-N.Y.).

“There’s a level of urgency in figuring this out. We don’t know what the future holds,” Anderson added, pointing to pandemic-induced supply chain disruptions and the potential conflict in the Pacific.

Funding to start flowing by the end of the year

The CHIPS Program Office is working with $39 billion for commercial incentives and $11 billion in R&D funding.

The office has issued two funding opportunity notices so far this year. 

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In February, the CHIPS Program Office opened calls for pre-applications and applications for commercial fabrication leading-edge, current-generation and mature-node semiconductors facilities with $300 million or more in capital investment.

It expanded that in June to include large-scale semiconductor materials and manufacturing equipment.

At the end of September, the office issued an additional funding opportunity for small-scale supply chain projects of less than $300 million in capital investment.

“When our team is making a decision about where the funds are going to go, they first and foremost look through the lens of national and economic security,” the Commerce official said, adding commercial viability and a workforce plan are also critical components.

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The first tranche of awards is expected to roll out by the end of this year.

Opportunities for a slice of the $11 billion in R&D funding have yet to be announced, but Commerce expects to release an additional funding opportunity notice later this year.

There’s been a huge amount of interest in the upcoming awards.

“We’ve received more than 530 statements of interests seeking CHIPS incentives to build projects across 42 states and have received over 120 pre and full applications,” the Commerce official said, emphasizing that the program cannot replace private capital.

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Since President Biden took office, companies have announced more than $231 billion in semiconductor industry investments, the Commerce official noted.

Around $166 billion of that has been announced since the CHIPS and Science Act was signed into law last August.

The goal of the legislation was to incentivize companies to invest in manufacturing in the U.S., something Anderson observed many companies are eager to do anyway

“This thing lived and died many times, and we heard from a lot of companies that were saying, ‘Our customers are still asking for us to be in the United States. We are going to come. We are still moving forward. We would love for CHIPS Act to be law, but we’re going to come regardless,’” Anderson said.

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Navigating challenges as priorities compete

In addition to the looming specter of a government shutdown, the program office has to juggle competing priorities with a limited amount of funding.

“The key challenge moving forward is to ensure CHIPS incentives get out the door in a timely manner and reinvigorate U.S. chip production and innovation without being spread too thin. Striking the right balance will be critical to making the most of limited CHIPS dollars,” Dan Rosso, senior director of communications at the Semiconductor Industry Association, told The Hill.

Companies are also watching to see what kind of strings may be attached to awards, including outstanding questions regarding the government’s right to intellectual property developed using CHIPS funds. 

“We’ll be watching what kind of terms and conditions the Department of Commerce proposes to these different companies that come along with the money,” Angela Styles, a partner at Akin Gump Strauss Hauer & Feld, told The Hill.

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“We would not make them do anything that is against their commercial interests,” the Commerce official said.

Akin Gump Senior Counsel Josh Teitelbaum, who works closely with companies in the semiconductor supply chain that are seeking CHIPS and Science Act funding, is watching the award amounts as they roll out.

“Whether they’re higher or lower will be an indication of how much funding is left in the pot to distribute to the other projects,” Teitelbaum said. “If the awards are perhaps larger than expected, other companies may get nervous about what is left as we get closer to the smaller supply chains or the R&D funding.”

Industry sources are nervous about investment

Industry representatives also told The Hill they’re worried the program may not sufficiently invest in all aspects of the supply chain, including workforce development and integrated chip manufacturing processes.

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“You could also think about it as your brain in your body; the rest of your nervous system, your skeletal system, that’s what the rest of the ecosystem amounts to,” Dr. John Mitchell, president and CEO of the global electronics manufacturing industry association IPC, told The Hill.

“If you consider it just a chip act instead of a systems act, it will fail,” he added. “It’s a good step, but it’s literally just the first step.”

Such an ask may fall outside the scope of the current funding.

“It’s important to note that we are not trying to bring the entire semiconductor industry to the United States,” the Commercial official said, adding, “We want to bring some of those manufacturing jobs back here.”

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But a big part of bringing those jobs back includes training people to take them on, which could be a challenge. 

In a July report, the Semiconductor Industry Association estimated that roughly 67,000 — 58 percent — of the 115,000 projected new jobs in the semiconductor industry by 2030 could go unfilled.

The Commerce official noted that each applicant is required to include a workforce plan to build the next generation of workers, but they acknowledged the risk.

“If we don’t continue to work on these creative solutions and getting more people in the workforce and getting those people trained in the workforce, then there is going to be a shortage of semiconductor workers. And that’s something that we’re very focused on here,” they said.

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​Business, Energy & Environment, News, Technology, CHIPS and Science Act, Chuck Schumer, Commerce Department, Joe Biden, semiconductors, Todd Young More than a year after President Biden signed the CHIPS and Science Act into law, the Commerce Department is pushing to get billions of dollars in semiconductor manufacturing and research incentives out the door. But the government is set to run out of money Nov. 17, and a potential shutdown — which could slow down…  

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Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

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America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work

For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.​

Tech’s Iron Grip: ATS and AI Gatekeepers

Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.

AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.

The Experience Trap: Entry-Level Jobs Require Years

It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.

One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.

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Burnout Before Day One

The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.

Cultural Collapse: From Relationships to Algorithms

What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.

AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.

The Ghost Job Phenomenon

Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.

Not Lazy—Just Locked Out

Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

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What’s Next? Back to Human Connection

Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.

Key Facts:

  • 25% of Harvard MBAs unemployed, highest on record
  • Only 30% of 2025 grads nationwide have jobs in their field
  • Nearly half of grads feel unprepared for real work
  • Up to 50% of entry-level listings are “ghost jobs”
  • AI and ATS have replaced human judgment at most companies

If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.

This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.

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Why 9 Million Americans Have Left

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The Growing American Exodus

Nearly 9 million Americans now live outside the United States—a number that rivals the population of several states and signals a profound shift in how people view the American dream. This mass migration isn’t confined to retirees or the wealthy. Thanks to remote work, digital nomad visas, and mounting pressures at home, young professionals, families, and business owners are increasingly joining the ranks of expats.

Rising Costs and Shrinking Wallets

Living in the US has become increasingly expensive. Weekly grocery bills topping $300 are not uncommon, and everyday items like coffee and beef have surged in price over the last year. Rent, utilities, and other essentials also continue to climb, leaving many Americans to cut meals or put off purchases just to make ends meet. In contrast, life in countries like Mexico or Costa Rica often costs just 50–60% of what it does in the US—without sacrificing comfort or quality.

Health Care Concerns Drive Migration

America’s health care system is a major trigger for relocation. Despite the fact that the US spends more per person on health care than any other country, millions struggle to access affordable treatment. Over half of Americans admit to delaying medical care due to cost, with households earning below $40,000 seeing this rate jump to 63%. Many expats point to countries such as Spain or Thailand, where health care is both affordable and accessible, as a major draw.

Seeking Safety Abroad

Public safety issues—especially violent crime and gun-related incidents—have made many Americans feel unsafe, even in their own communities. The 2024 Global Peace Index documents a decline in North America’s safety ratings, while families in major cities often prioritize teaching their children to avoid gun violence over simple street safety. In many overseas destinations, newly arrived American families report a significant improvement in their sense of security and peace of mind.

Tax Burdens and Bureaucracy

US tax laws extend abroad, requiring expats to file annual returns and comply with complicated rules through acts such as FATCA. For some, the burden of global tax compliance is so great that thousands relinquish their US citizenship each year simply to escape the paperwork and scrutiny.

The Digital Nomad Revolution

Remote work has unlocked new pathways for Americans. Over a quarter of all paid workdays in the US are now fully remote, and more than 40 countries offer digital nomad visas for foreign professionals. Many Americans are leveraging this opportunity to maintain their US incomes while cutting costs and upgrading their quality of life abroad.

Conclusion: Redefining the Dream

The mass departure of nearly 9 million Americans reveals deep cracks in what was once considered the land of opportunity. Escalating costs, inaccessible healthcare, safety concerns, and relentless bureaucracy have spurred a global search for better options. For millions, the modern American dream is no longer tied to a white-picket fence, but found in newfound freedom beyond America’s borders.

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Will Theaters Crush Streaming in Hollywood’s Next Act?

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Hollywood is bracing for a pivotal comeback, and for movie lovers, it’s the kind of shake-up that could redefine the very culture of cinema. With the freshly merged Paramount-Skydance shaking up its strategy, CEO David Ellison’s announcement doesn’t just signal a change—it reignites the passion for moviegoing that built the magic of Hollywood in the first place.

Theatrical Experience Roars Back

Fans and insiders alike have felt the itch for more event movies. For years, streaming promised endless options, but fragmented attention left many longing for communal spectacle. Now, with Paramount-Skydance tripling its film output for the big screen, it’s clear: studio leaders believe there’s no substitute for the lights, the hush before the opening credits, and the collective thrill of reacting to Hollywood’s latest blockbusters. Ellison’s pivot away from streaming exclusives taps deep into what unites cinephiles—the lived experience of cinema as art and event, not just content.

Industry Pulse: From Crisis to Renaissance

On the financial front, the numbers are as electrifying as any plot twist. After years of doubt, the box office is roaring. AMC, the world’s largest theater chain, reports a staggering 26% spike in moviegoer attendance and 36% revenue growth in Q2 2025. That kind of momentum hasn’t been seen since the heyday of summer tentpoles—and it’s not just about more tickets sold. AMC’s strategy—premium screens, with IMAX and Dolby Cinema, curated concessions, and branded collectibles—has turned every new release into an event, driving per-customer profits up nearly 50% compared to pre-pandemic norms.

Blockbusters Lead the Culture

Forget the gloom of endless streaming drops; when films like Top Gun: Maverick, Mission: Impossible, Minecraft, and surprise hits like Weapons and Freakier Friday draw crowds, the industry—and movie fans—sit up and take notice. Movie-themed collectibles and concession innovations, from Barbie’s iconic pink car popcorn holders to anniversary tie-ins, have made each screening a moment worth remembering, blending nostalgia and discovery. The focus: high-impact, shared audience experiences that streaming can’t replicate.

Streaming’s Limits and Studio Strategy

Yes, streaming is still surging, but the tide may be turning. The biggest franchises, and the biggest cultural events, happen when audiences come together for a theatrical release. Paramount-Skydance’s shift signals to rivals that premium storytelling and box office spectacle are again at the center of Hollywood value creation. The result is not just higher profits for exhibitors like AMC, but a rebirth of movie-going as the ultimate destination for fans hungry for connection and cinematic adventure.

Future Forecast: Culture, Community, and Blockbuster Dreams

As PwC and others warn that box office totals may take years to fully catch up, movie lovers and industry leaders alike are betting that exclusive theatrical runs, enhanced viewing experiences, and fan-driven engagement are the ingredients for long-term recovery—and a new golden age. The Paramount-Skydance play is more than a business move; it’s a rallying cry for the art of the theatrical event. Expect more big bets, more surprises, and—finally—a long-overdue renaissance for the silver screen.

For those who believe in the power of cinema, it’s a thrilling second act—and the best seat in the house might be front and center once again.

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