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(Reuters) - The Biden administration is expected to award billions of dollars in subsidies to Intel, Taiwan Semiconductor Manufacturing Co, and other top semiconductor companies in the coming weeks to help build new factories, the Wall Street Journal reported on Saturday.
The forthcoming announcements are aimed at kick-starting manufacturing of advanced semiconductors that power smartphones, artificial intelligence and weapons systems, the WSJ reported, citing industry executives familiar with the negotiations.
(Reporting by Rishabh Jaiswal in Bengaluru, Editing by William Maclean)
