The U.S. Department of Commerce has officially announced a significant investment in the U.S. semiconductor industry, awarding Intel Corporation $7.86 billion in direct funding under the CHIPS Incentives Program. This funding aims to enhance America’s chip capacity and support Intel’s nearly $90 billion investment in the United States by the end of the decade. This investment is part of Intel’s larger $100 billion-plus expansion plan, according to the department.
U.S. Secretary of Commerce Gina Raimondo highlighted Intel’s role in revitalizing the U.S. semiconductor industry through its investments across Arizona, New Mexico, Ohio, and Oregon. The funds will be disbursed based on Intel’s completion of specific project milestones to ensure accountability and progress.
The award will support various projects that will enhance the domestic supply of advanced chips, crucial for technologies like artificial intelligence and military capabilities. Intel’s expansion is expected to create around 10,000 manufacturing jobs and 20,000 construction jobs across the four states.
White House Deputy Chief of Staff Natalie Quillian emphasized that this investment aligns with the Biden administration’s goals of stimulating private sector investment and revitalizing communities through significant public investments. Intel’s CEO, Pat Gelsinger, expressed the company’s commitment to advancing U.S. semiconductor manufacturing.
The funds will support projects in Arizona, New Mexico, Ohio, and Oregon, including the construction of new fabrication facilities and the modernization of existing ones to increase manufacturing capacity. In Oregon, Intel will invest in research and development facilities utilizing cutting-edge technology to develop and produce advanced chips.
The CHIPS for America program, funded through the bipartisan CHIPS and Science Act of 2022, has awarded more than $19 billion of the proposed $36 billion in incentives funding. The program aims to create more than 125,000 jobs across 20 states. Funding recipients must adhere to specific restrictions to ensure national security and intellectual property protection. Please rewrite this sentence.
Source link
