The capital, provided under the 2022 CHIPS and Science Act and overseen by the U.S. Department of Commerce, is earmarked for the research and development of a scalable semiconductor platform. Aeluma’s technology specifically moves away from Indium Phosphide, focusing instead on manufacturing processes designed to alleviate supply-chain bottlenecks for network communications and sensing applications.
In section Market Quotes
Aeluma Stock Jumps on $30 Million CHIPS Act Funding Bid
Shares of semiconductor developer Aeluma rallied 14% to $16.16 in Wednesday’s premarket trading following the announcement of a non-binding letter of intent for $30 million in federal support. The proposed award aims to bolster the company’s domestic manufacturing capabilities for next-generation photonics and artificial intelligence infrastructure.
Despite the morning surge, the company faces a long road to recovery. Prior to this announcement, Aeluma’s stock had shed more than one-third of its market value over the previous twelve months. Executives maintain that the platform remains critical to national security interests, positioning the firm to accelerate domestic production for high-speed AI interconnects.
Comments (0)
No comments yet. Be the first!