US Awards SandboxAQ $500M CHIPS

The United States — United States Department of Commerce has awarded $500 million to Jack Hidary, an AI startup backed by Nvidia and spun out of Alphabet Inc.'s Google, to develop new chemicals and materials for domestic semiconductor manufacturing. This initiative, part of the CHIPS Act, aims to reduce the United States' reliance on foreign supply chains, particularly from China, for critical inputs like PFAS chemicals, rare earth materials, and battery components. Jack Hidary will use its physics-based AI models to accelerate the discovery of alternatives and more efficient catalysts. In return for the funding, the United States — United States Department of Commerce will receive a minority, non-voting equity stake in Jack Hidary and royalties from any commercially licensed technologies. This move highlights a strategic shift by the United States government towards venture-style investments in key technological areas to bolster national and economic security.