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Intel will receive a billion-dollar injection from the Biden administration to protect chip production in the US. The chip company Intel will receive $7.9 billion from the US
Intel will receive a billion-dollar injection from the Biden administration to protect chip production in the US.
The chip company Intel will receive $7.9 billion from the US government as part of the Chips Act, the company announced together with the Biden-Harris administration. In fact, the chipmaker would receive $7.86 billion in direct financing for its commercial semiconductor manufacturing projects. The American government wants to protect chip production in the USA.
The Biden-Harris administration will write a check for $7.9 billion to Intel and wants to secure chip production in the US. The US Commerce Department hopes Intel’s investments will lead to the creation of tens of thousands of jobs. More specifically, about 10,000 manufacturing jobs and 20,000 construction jobs are expected to be created in Arizona, New Mexico, Oregon and Ohio.
“With Intel 3 already in high volume production and Intel 18A set to follow next year, advanced semiconductors will once again be manufactured on American soil,” said Pat Gelsinger, Intel CEO. “Strong bipartisan support for restoring American leadership in technology and manufacturing will result in historic investments that are critical to the country’s long-term economic growth and national security.”
These new grants were awarded by the Biden-Harris administration. With the arrival of Trump, who does not support the Chips Act, this would take a completely different turn.
The investment for Intel does not come too soon. The company has recently suffered several setbacks, such as declining sales and large layoffs.
Source: IT Daily
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