However, its foundry division—key to its IDM 2.0 strategy—remains deeply unprofitable. CEO Pat Gelsinger, the architect of IDM 2.0, has stepped down amid widespread layoffs and leadership turmoil. Intel has secured up to US$7.865 billion in CHIPS Act subsidies, but the funds, tied to incremental milestones, are unlikely to resolve its financial woes. Doubts persist over the company's capacity to deliver on its multi-billion-dollar expansion plans amid ongoing challenges. Microchip's withdrawal highlights CHIPS Act hurdles In January 2024, Microchip announced a non-binding Preliminary Memorandum of Terms (PMT) with the US government to secure US$162 million in subsidies for expanding microcontroller production and other mature-node semiconductor technologies. Amid significant revenue declines, Microchip brought back Steve Sanghi as interim CEO in November 2024.