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The US government backed chip startup xLight is in talks to raise $350 million in funding, with Boardman Bay Capital Management and Bain Capital expected to lead the investment. The US government has invested $150 million in xLight through the Chip and Science Act, bringing xLight's total financing to approximately $200 million. Former Intel CEO Pat Gelsinger serves as the Executive Chairman of xLight, and Gelsinger's Playground Global will invest in xLight in 2025. XLight plans to lobby ASML, TSMC, Intel, and Micron Technology to participate in this financing, with the aim of developing alternative EUV lithography technologies. ASML CEO Christophe Fouquet revealed that ASML is collaborating with xLight to showcase its technology. XLight plans to build its first prototype site in Albany, New York and has signed a $4.2 billion non binding project financing agreement with lending institutions. Substrate is also developing X-ray based lithography technology to compete directly with ASML.