During his State of the Union speech Tuesday, President Joe Biden recounted Intel CEO Pat Gelsinger telling him that the only thing preventing the company from investing more in America is a delay of legislation providing huge new government subsidies.

“Pat came to see me, and he told me they’re ready to increase their investment from $20 billion to $100 billion,” Biden said. “That would be the biggest investment in manufacturing in American history. And all they’re waiting for is for you to pass this bill.”

But microchip companies like Intel are hardly cash-strapped paupers that desperately need a bill providing $52 billion of federal subsidies in order to build factories in the United States. According to a study by the Institute for New Economic Thinking, Intel, and four other wildly profitable American semiconductor giants that stand to benefit from the bill were so awash in cash that they spent nearly a quarter trillion dollars in the last decade — or 70 percent of their profits — on stock buybacks.