Commerce Dept to fund tech hubs with $500 million in grants

( ) -q-23- UNDATED (Correspondent Jeremy House) “San Francisco and Seattle.”

The Commerce Department is launching the application process for cities to receive a total of $500 million in grants to become technology hubs.

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TAG: Correspondent Jeremy House reporting. Commerce Secretary Gina Raimondo says, “This is about taking these places on the edge of glory to being world leaders.” The application process for cities to receive the tech hubs grants starts Friday.

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VERBATIM: The $500 million is part of a $10 billion authorization from last year’s CHIPS and Science Act to stimulate investments in new technologies. Among them are artificial intelligence, quantum computing and biotech. It’s an attempt to expand to the entire United States tech investment that’s largely concentrated around Austin, Texas, Boston, New York, San Francisco and Seattle.