Biden to announce $20 billion in funding for Intel chip factories

President Biden and Intel CEO Pat Gelsinger arrive at a groundbreaking for a semiconductor manufacturing facility near New Albany, Ohio, in 2022. Photo: Gaelen Morse/Bloomberg via Getty Imagesat a stop in Arizona on Wednesday, a move the administration claims will lead to 10,000 new jobs in the swing state.He also has the power of the presidency — and billions of dollars in federal funds to release in crucial states.

Those awards, along with a separate tax credit from the Treasury Department, will lead to an estimated $100 billion in private investment from Intel. The administration expects Intel will use the money to help build or expand facilities in Arizona, Ohio, New Mexico and Oregon and help add a total of 30,000 new jobs."This eight-and-a-half billion dollars will be the single biggest announcement of a grant to any chip's recipients," Commerce Secretary Gina Raimondo told reporters.

"Last month, I set an aggressive goal for the CHIPS program that America would produce roughly 20% of the world's leading-edge chips by the end of the decade," she said. "And this announcement is going to put us on track to meet that goal." "Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor manufacturing innovation," said Intel CEO Pat Gelsinger.Ohio — where one of the Senate's most embattled Democrats, Sen.

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