The largest single expenditure in the sector, aimed at bolstering the domestic semiconductor industry.
U.S. semiconductor giant Intel has secured almost $20 billion in grants and loans from the U.S. Government. President Joe Biden announced the support during a Wednesday visit to Intel’s Ocotillo Campus in Chandler, Arizona. The investment marks the largest single expenditure by the U.S. Government in the sector. According to the factsheet published by the White House, the Government will provide up to $8.5 billion in direct funding along with $11 billion in loans under the CHIPS and Science Act. The investment is aimed at constructing or expanding Intel’s facilities spread across four states: Arizona, New Mexico, Ohio, and Oregon. According to the factsheet, it is set to create up to 30,000 jobs. The chips produced in the modernized plants are essential to high-tech fields like artificial intelligence, the statement added.
Under the CHIPS and Science Act, the U.S. provides billions in funding and loans for manufacturing projects, commercialization, and supply chains to catalyze domestic chip production and accelerate semiconductor output. Just last month, GlobalFoundries, another major U.S. chip manufacturer, received $1.5 billion for similar projects.
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