The deal would put the United States in a position to produce 20% of the world's most advanced chips by 2030, the Commerce Department said.
The Biden administration has reached an agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans for computer chip plants in four states, a cash infusion that the government says should help the U.S. boost its global share of advanced chip production from zero to 20%. President Joe Biden plans to talk up the investment today on Wednesday as he visits Intel’s Ocotillo campus in Chandler, Arizona, which could be a decisive swing state in November’s election.
economy into recession. When pushing for the investment, lawmakers expressed concern about efforts by China to control Taiwan, which accounts for more than 90% of advanced computer chip production. Ohio Sen. Sherrod Brown, a Democrat up for reelection this year, stressed that his state would become “a global leader in semiconductor manufacturing” as Intel would be generating thousands of jobs.
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