US grants $8.5 billion to Intel
The US administration will provide an $8.5 billion grant to chipmaker Intel to increase semiconductor production in the country.
In a statement from the White House, it was announced that the US Department of Commerce and Intel have reached a preliminary agreement to provide the company with $8.5 billion in direct funding, in addition to $11 billion in loans, under the CHIPS and Science Act.
The statement noted that this funding will support the construction and expansion of Intel's facilities in the states of Arizona, Ohio, New Mexico, and Oregon, and that it will create 30 thousand jobs.
The statement pointed out that semiconductors invented in the US are used in many areas, from mobile phones to electric vehicles, refrigerators, satellites, and defense systems, adding, "However, today the US produces less than 10 percent of the world's chips and produces none of the most advanced chips."
Emphasizing that this situation is changing thanks to the CHIPS and Science Act, the statement reported that companies have announced over $240 billion in investments to bring semiconductor production back to the US since US President Joe Biden took office.
News Source: AA
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