Biden awards $19.5 billion in grants and loans to Intel to boost US chip output
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President Joe Biden awarded Intel nearly $20 billion in grants and loans to boost domestic semiconductor chip output. The agreement includes $8.5 billion in grants and up to $11 billion in loans for Intel in Arizona, where the funding will be used to build two new factories and modernize an existing one. The investment aims to enable advanced semiconductor manufacturing to make a comeback in America. The Biden administration hopes to increase the U.S. share of advanced chip production from 0% to 20% by 2030 through the subsidy program. The funding is part of the 2022 CHIPS and Science Act, which aims to reduce reliance on China and Taiwan. Intel is also expected to receive additional funding from the Commerce Department to boost security at its Arizona facilities. The Intel award is the latest in a series of subsidy announcements, with awards for Samsung and TSMC expected in the coming weeks.
#JoeBiden #Intel #Semiconductor #ChipProduction #Arizona #ChipsAct
https://www.shorenewsnetwork.com/2024/03/20/biden-awards-19-5-billion/
Shore News Network /
npub1e0…xhwxm
2024-03-20 21:34:49
Author Public Key
npub1e0sz0lykenh49k0v6a72n6tmezwcad2e0zulvtm8jwm7udphfrssyxhwxmPublished at
2024-03-20 21:34:49Event JSON
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"content": "Biden awards $19.5 billion in grants and loans to Intel to boost US chip output\n==========\n\nPresident Joe Biden awarded Intel nearly $20 billion in grants and loans to boost domestic semiconductor chip output. The agreement includes $8.5 billion in grants and up to $11 billion in loans for Intel in Arizona, where the funding will be used to build two new factories and modernize an existing one. The investment aims to enable advanced semiconductor manufacturing to make a comeback in America. The Biden administration hopes to increase the U.S. share of advanced chip production from 0% to 20% by 2030 through the subsidy program. The funding is part of the 2022 CHIPS and Science Act, which aims to reduce reliance on China and Taiwan. Intel is also expected to receive additional funding from the Commerce Department to boost security at its Arizona facilities. The Intel award is the latest in a series of subsidy announcements, with awards for Samsung and TSMC expected in the coming weeks.\n\n#JoeBiden #Intel #Semiconductor #ChipProduction #Arizona #ChipsAct\n\nhttps://www.shorenewsnetwork.com/2024/03/20/biden-awards-19-5-billion/",
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