Because everyone was expecting this to happen when the CHIPS act passed.

They didn't get the money. Reading the article, the first sentence explains this is just a proposal...but even the commerce.gov headline is misleadingly worded (to your point).

A combination of the stock price already having that expectation built in along with CHIPS intentionally funding domestic overcapacity that has its own maintenance overhead. Chip demand is cyclical, which is why chip fabs aren't built to handle peak demand; it would be too expensive for the times when they aren't running at full production.

These (and probably all) are growth stocks. They have no relationships to the real world anymore unfortunately.

That government money was probably already factored into the stock price.

It’s been priced in. Many indications that this was coming.