You put a dime in, you get a ruble, Intel beats her own record on lobbying spending

You put a dime in, you get a ruble, Intel beats her own record on lobbying spending

It would seem that the interests of the semiconductor manufacturers are supported by a global deficit and do not require proof of their importance and initiality, but companies not only continue to allocate huge sums to lobby their interests, but even beat their own records.

Intel has spent a record $1.75 million on federal lobbying over the past three months. It is worth receiving $52 billion in Congress ' s semiconductor ' s subsidies, some of which Intel expects to earn in its pocket. In comparison, in the second quarter of 2021, Intel spent about $1 million on promoting its interests, which means an increase of 75 per cent over the year. And the company ' s previous personal record was $1.43 million in lobbying for this purpose in the first quarter of 2021. It is noteworthy that since then, the market situation for Intel has improved, as the deficit is playing into its hands, but it has not prevented companies from continuing to give more and more to promote their own interests.

In the first half of this year alone, leading chip companies spent a total of $19.6 million on lobbying, while $15.8 million was allocated to lobbying in the same time frame.

A preliminary vote on the adoption of the Chips Act took place this week in the Senate, with 64 senators voting against the bill and 34 votes against it, and it is expected that the law will be passed next week, although some senators continue to make serious proposals for amendments, in particular by removing extensive sanctions against Chinese semiconductor manufacturers that would have struck the American economy as a boomerang.

A number of senators also refer to the Undeserved Chip Act as a well-earning industry, which, without it, already earns huge profits and does not buy money from its executives. For example, an independent senator from the state of Vermont Bernie Sanders this week has openly named the law. But has it ever stopped someone? Only in the second quarter, the largest players in the industry spent a total of $8 million on lobbying in Washington, D.C., which included, for example, Qualcomm and Texas Instruments.

In addition, companies outside the United States also deposit lobby money in Washington's offices, the same TSMC spent $650,000 on lobbying in the second quarter, which was the new maximum for this purpose. Previously, it was $640,000 a quarter, and it was 25% more than in the same quarter in 2021.