Intel clinches nearly $20 billion in awards from Joe Biden to boost US chip output.

The U.S. government, via the CHIPS Act, has awarded Intel up to $8.5bn in funding to expand domestic chip production facilities in Arizona, Ohio, New Mexico, and Oregon, aiming to create nearly 30,000 jobs. Intel could also be eligible for an additional $11bn in loans. The CHIPS Act was passed in 2022 to boost U.S. manufacturing in key industries, including semiconductor production, amid rising geopolitical tensions with China. Intel's U.S. investments are expected to exceed $100bn over the next five years.

March 20, 2024
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