Biden Administration to Invest $8.5 Billion in Intel’s Computer Chip Plants

Biden Administration to Invest $8.5 Billion in Intel’s Computer Chip Plants

Biden Administration to Invest $8.5 Billion , in Intel’s Computer Chip Plants.

Biden Administration to Invest $8.5 Billion , in Intel’s Computer Chip Plants.

In addition to $8.5 billion in direct funding, $11 billion will be provided in loans.

The money will come from the CHIPS and Science Act.

The funds will go toward "computer chip plants in Arizona, Ohio, New Mexico and Oregon," CBS News reports.

.

According to Intel, the new funding and other investments will create a total of 30,000 jobs in manufacturing and construction.

According to Intel, the new funding and other investments will create a total of 30,000 jobs in manufacturing and construction.

The deal will help the U.S. to produce 20% of the most advanced computer chips in the world by 2030, according to Commerce Secretary Gina Raimondo.

Failure is not an option — leading-edge chips are the core of our innovation system, especially when it comes to advances in artificial intelligence and our military systems, Commerce Secretary Gina Raimondo, on a call with reporters.

We can't just design chips.

We have to make them in America, Commerce Secretary Gina Raimondo, on a call with reporters.

Biden's funding announcement comes amid a heated presidential campaign.

Administration officials want to get chip technology funding "out the door as quickly as possible so that the Biden campaign can point to concrete progress on one of the White House's signature programs," analysts say.

Intel CEO Pat Gelsinger called the CHIPS Act "the most critical industrial policy legislation since World War II.".

We think of this as a defining moment for the United States, the semiconductor industry and for Intel, Intel CEO Pat Gelsinger, via statement