The U.S. Federal Communications Commission said Thursday an auction of wireless mid-band spectrum raised more than $3.5 billion, which will largely be used to fund the replacement of Chinese telecom equipment. The FCC said up to $3.3 billion of the auction’s proceeds will be used to cover funds borrowed to support the FCC’s "Rip and Replace” program to purge Huawei, ZTE or other Chinese gear from their wireless networks and other programs. The agency previously estimated removing the Chinese equipment would cost $4.98 billion, but Congress only approved $1.9 billion before deciding to hold the auction. The FCC said last week that 42% of federal funding recipients have completed replacement and disposal of all Chinese equipment, citing delays due to permitting, supply chain issues, labor shortages and severe weather.