Wall Street financiers chosen to help allocate $39B in subsidies, WSJ says

Last year, the Biden administration launched the bipartisan Chips and Science act, which the Commerce Department has been building a small team of elite Wall Street financiers to help allocate $39B in taxpayer-funded manufacturing subsidies and other incentives to hundreds of companies, Yuka Hayashi of The Wall Street Journal report. So far, about three dozen professionals ranging in age from 23 to 64 are working on the project. The job is to pick winners and losers among some 460 entities that have submitted proposals, including top semiconductor companies such as Intel (INTC), Samsung, and Taiwan Semiconductor Manufacturing (TSM). Others in the space include Advanced Micro Devices (AMD), Qualcomm (QCOM), NVIDIA (NVDA), Marvel (MRVL), Texas Instruments (TXN), Micron (MU), and Microchip (MCHP).