U.S. Commerce awarded I-Pulse a $250 million grant under the CHIPS program to push semiconductor and pulsed‑power tech. Founded by mining titan Robert Friedland, the company targets chips for a geothermal drilling method that uses high‑power electric surges. The deal signals a push to curb foreign chip dependence. It aligns with the administration's supply‑chain security agenda.

I‑Pulse runs labs in New Mexico and France, employing high‑voltage switches to fracture hot granite before drilling. The new silicon‑carbide chips could fit mining, manufacturing and defense systems. Friedland’s partners include Rio Tinto and Newmont, and the company aims to go public in a few years. This technology promises deeper resource extraction and lower operational costs globally.

The CHIPS award also ties a passive public stake in Intel, tightening federal influence over domestic chip production. By funding I‑Pulse, the Treasury backs a venture that could reduce U.S. reliance on imported chips while advancing clean‑energy drilling. The partnership exemplifies the administration’s effort to reindustrialize key sectors for investors seeking technology‑driven growth today and now.

With a decade‑old valuation exceeding $1 billion, I‑Pulse attracts major miners and aims for a public debut soon. The CHIPS infusion will accelerate geothermal tech, a field the U.S. deems critical for clean‑energy AI. Friedland stresses that geothermal, not solar or wind, offers the only reliable power for advanced computation in a rapidly evolving industrial landscape.