US: Intel to get significant funding under the CHIPS and Science Act

The Biden-Harris Administration announced preliminary terms with Intel to provide up to $8.5 billion in direct funding

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The Biden-Harris Administration announced today preliminary terms with Intel to provide up to $8.5 billion in direct funding under the CHIPS and Science Act.

Here are a few key points:

• This (obviously) aims to strengthen the U.S. semiconductor supply chain.

• Intel plans to invest over $100 billion in the United States over the next five years, expanding capacity and capabilities in Arizona, New Mexico, Ohio, and Oregon.

• This investment is expected to create over 10,000 manufacturing jobs and nearly 20,000 construction jobs. Approximately $50 million will be dedicated to developing the semiconductor and construction workforce.

• The CHIPS for America program, part of President Biden's economic plan, is designed to stimulate private sector investment, create jobs, and revitalize communities. It includes manufacturing incentives and research and development programs administered by the National Institute of Standards and Technology (NIST) at the Department of Commerce.