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    intel

    Intel CEO Pat Gelsinger

    Chip Firms Poised to Rake In Taxpayer Subsidies Spend Big on Stock Buybacks

    Companies in line to receive CHIPS Act subsidies spent a combined $41 billion on share repurchases between 2019 and 2023, a new report shows.

    Jake Johnson
    Jul 11, 2024

    An analysis published Thursday estimates that semiconductor firms positioned to receive billions of dollars in taxpayer subsidies thanks to a 2022 U.S. law have spent big on investor-enriching stock buybacks in recent years, a finding that amplified calls for meaningful restrictions on companies benefiting from public money.

    The new report released by the Institute for Policy Studies (IPS) shows that between 2019 and 2023, the first 11 corporations to reach preliminary CHIPS and Science Act agreements with the U.S. Department of Commerce collectively poured more than $41 billion into stock buybacks—a sum that would have been enough to finance a $27,541 raise for 300,000 employees annually for five years.

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    stock buybacks
    Illustration INTEL and US Dollar

    Intel Brags of $152 Billion in Stock Buybacks Over Last 35 Years. So Why Does It Need an $8 Billion Subsidy?

    What’s to stop the chip-making giant from shoveling taxpayer grants into more stock buybacks?

    Les Leopold
    Mar 27, 2024

    Intel, the largest chip maker in America, with 2023 revenues of $54 billion, has just been awarded an $8.5 billion grant from the federal CHIPS and Science Act, plus $11 billion in favorable loans.

    In addition to badly needed microchips, Intel produces totally useless stock buybacks. On its website the company proudly proclaims to have spent $152 billion on stock buybacks since 1990. That’s not a typo: $152,000,000,000. Which is why I call it "Stock Buybacks Я Us."

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    stock buybacks

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