The U.S. Department of Commerce plans to invest $150 million in a chip company associated with former Intel CEO.

Jinse Finance reported that the U.S. Department of Commerce has agreed to invest up to $150 million in xLight, a chip technology startup associated with former Intel CEO Pat Gelsinger. The chip research and development office under the Department of Commerce (part of the National Institute of Standards and Technology) has signed a non-binding letter of intent to provide the funding, according to a statement on Monday. This move is part of the Trump administration's efforts to bring more chip manufacturing capabilities back to U.S. soil. xLight, where Gelsinger serves as executive chairman, is developing a technology that will compete with a component of the extreme ultraviolet lithography (EUV) system provided by Dutch company ASML, many of whose lasers are currently sourced from German company Trumpf. This deal expands the U.S. government's influence in the chip industry. (Jin10)