President Biden Announces Deal with Intel to Boost Semiconductor Production in the US

Published: 20 March 2024 at 10:45

President Biden is set to announce a deal with Intel that includes up to $8.5 billion in grants and $11 billion in loans to build semiconductor plants in four states. This funding is part of the CHIPS and Science Act passed by Congress in 2022 to enhance US production of electronic devices. Intel will invest over $100 billion, potentially offset by $25 billion in tax credits, creating around 30,000 jobs. The aim is to address the reliance on imports, combat price spikes, and shortages in industries like cars and appliances.

SOURCES

Intel will get $8.5 billion in CHIPS Act funding to support its US manufacturing efforts

Engadget

White House proposes up to $8.5B to fund Intel’s domestic chip manufacturing

Brian Heater

Intel is set to receive up to $8.5 billion of CHIPS Act funding.

The Verge

Biden to tout government investing $8.5 billion in Intel's computer chip plants in four states

https://apnews.com/author/josh-boak

Biden is giving Intel $8.5 billion for big semiconductor projects in 4 states

NPR