Chip EQUIP Act

S 3301, the Chip EQUIP Act, restricts federal funding for semiconductor manufacturing projects using certain foreign-made equipment. It defines "ineligible semiconductor manufacturing equipment" as completed, fully assembled systems (like lithography or etching machines) manufactured, assembled, or refurbished by foreign entities of concern. The bill prohibits covered entities receiving federal assistance from procuring, installing, or using such equipment for 10 years, with limited waivers allowed if the equipment isn't available from U.S. or allied sources, meets export controls, or is deemed critical for national security. This directly affects companies and institutions receiving federal funds for semiconductor manufacturing.