The Department of Commerce announced it will provide over $870 million in federal incentives for semiconductor R&D in exchange for minority, non-controlling equity stakes in seven private companies. Funding is distributed through the CHIPS Research and Development Office under the CHIPS and Science Act. Why it matters: The investment aims to advance technologies such as integrated photonics, compute architectures and memory for AI systems. The big picture: GlobalFoundries will receive up to $300 million; Kepler, up to $245 million for AI memory and logic; and Multibeam Corp., up to $140 million for semiconductor equipment manufacturing. Additional funding will go to equipment makers Extropic, Thintronics, Obsidia Semiconductors, and Aeluma Inc.Zoom in; These investments are intended to boost domestic semiconductor capabilities, create high-paying jobs, and maintain U.S. leadership in the chip industry, according to Commerce Secretary Howard Lutnick.