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

WASHINGTON - The Biden administration said it is awarding Intel nearly $20 billion in grants and loans on Wednesday, supercharging the company's domestic semiconductor chip output and marking the government's largest outlay to subsidize leading-edge chip production.

The goal is to reduce reliance on China and Taiwan, as the share of global semiconductor manufacturing capacity in the U.S. has fallen from 37% in 1990 to 12% in 2020, according to the Semiconductor Industry Association. Commerce is dedicating $28 billion for government subsidies for chips manufacturing - although it has more than $70 billion in requests - and also has $75 billion in lending authority.

Last month, the Biden administration awarded $1.5 billion to GlobalFoundries, the world's third-largest contract chipmaker, to build a semiconductor production facility in Malta, New York, and expand existing operations there and in Burlington, Vermont. Former President Donald Trump made a series of false claims on Tuesday while railing against the judge who issued the $454 million civil fraud judgment against him.Fox NewsPeter Navarro has apparently lost Fox News.Reporting to federal prison on Tuesday after his last-ditch appeal to the Supreme Court was denied, the former Trump White House adviser spoke to reporters before starting his four-month jail sentence for contempt of Congress.

The judge for Trump's Manhattan felony trial is also allowing Stormy Daniels, Karen McDougal, and Michael Cohen to testify.Poland's deputy prime minister said Poland and Germany will activate an armored capability coalition for Ukraine, with main battle tanks a key focus.

Source: News Formal (newsformal.com)

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Aptos drops 9% in 24 hours – Is $20 hard to cross?Aptos’ [APT] price gained bullish momentum on the 16th of March as its value surged but the trend changed in the last 24 hours.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Buffett’s Berkshire boosts CEO-designate Abel’s pay to $20 millionBerkshire disclosed executive pay and the recommendations on shareholder proposals in its annual proxy filing on Friday, ahead of the Omaha, Nebraska-based conglomerate’s May 4 annual meeting
Source: globebusiness - 🏆 31. / 66 Read more »

Kam River Ultimate Duck Race returning this springEach duck costs $20 or purchase six ducks for $100.
Source: tbnewswatch - 🏆 75. / 51 Read more »

Trump blasts Biden over Laken Riley's death after Biden says he regrets using term 'illegal'U.S.
Source: CTVNationalNews - 🏆 82. / 51 Read more »

University of Calgary receives 'game-changing' donationThe University of Calgary says a $20-million donation from the Taylor Family Foundation will transform its kinesiology department into a world-class research facility.
Source: CTVCalgary - 🏆 26. / 68 Read more »

Hot Money Ready to Pour Into Egypt With Next Can’t-Miss Bond BetMoney managers who pulled some $20 billion from Egypt in a matter of months two years ago will now find few places in emerging markets more alluring.
Source: BNNBloomberg - 🏆 83. / 50 Read more »