Intel is getting a billion-dollar injection from the Biden administration to protect chip production in the United States.
Chip company Intel will receive $7.9 billion from the U.S. government under the Chips Act, the company announced with the Biden-Harris administration. To be precise, the chip maker would receive $7.86 billion in direct funding for its commercial semiconductor manufacturing projects. With this, the U.S. government wants to protect chip production in the United States.
$7.9 billion
The Biden-Harris administration will provide Intel with a $7.9 billion check, seeking to secure chip production in the United States. In fact, the US Department of Commerce hopes with this that Intel’s investments will lead to tens of thousands of job creations. More specifically, it should create some 10,000 industrial jobs and 20,000 construction jobs in Arizona, New Mexico, Oregon and Ohio.
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“With Intel 3 already being produced in large volumes and Intel 18A set to follow next year, advanced semiconductors are once again being made on U.S. soil,” said Pat Gelsinger, CEO of Intel. “Strong bipartisan support for restoring American leadership in technology and manufacturing is leading to historic investments critical to the country’s long-term economic growth and national security.”
These new grants were allocated by the Biden-Harris administration. With the arrival of Trump, who does not support the Chips Act, this would take a very different turn.
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Will Intel be all right?
The investment for Intel comes nothing too soon. The company faced some setbacks recently, including declining sales and large rounds of layoffs.