The administration of President Joe Biden has confirmed the allocation of $7.86 billion to Intel, through the CHIPS Act, to support domestic semiconductor production, writes TechCrunch.
The US Department of Commerce announced the award of $7.865 billion in funding to Intel under the CHIPS and Science Act, a federal law passed in 2022 to strengthen domestic semiconductor manufacturing. The amount, although below the $8.5 billion cap previously announced in March this year, represents one of the largest investments in the industry.
The Biden administration aims to reduce dependence on foreign manufacturers and ensure economic security by boosting production of critical chips in the US. The grant to Intel supports the development of modern manufacturing and research facilities, helping to maintain the United States’ competitiveness in the global semiconductor market.
President Joe Biden signed the CHIPS and Science Act in 2022, allocating more than $50 billion to boost U.S. chip manufacturing and support advanced research projects. Intel is one of the first companies to benefit from this initiative, which will play a key role in reducing the chip shortage that has plagued the global economy in recent years.
Source: www.descopera.ro
