Intel Secures Largest CHIPS Act Funding To Date

Commerce Secretary Gina Raimondo and other local leaders and Intel employees during a tour of an Intel semiconductor factory in Chandler, Arizona, on Wednesday, March 20, 2024. The tour stopped to inspect wafers representing Intel’s goal of completing five process nodes in four years. Earlier that day, the Biden-Harris Administration announced that Intel and the U.S. Department of Commerce had signed a non-binding preliminary memorandum of terms for up to $8.

In a discussion with analysts, Gelsinger expects to make full use of the $8.5 billion capital grants as well as the 25% tax credit for the $100 billion he plans to invest in the next five years into semiconductor and advanced packaging manufacturing. The tax credit does have a delayed impact as it involves tax savings on capital expenditures, not direct funding.

The capital expenditures will take place in four major Intel manufacturing locations: Oregon , Arizona , New Mexico , and Ohio . The construction work is all US based and work is already underway to build the new building in Arizona and Ohio. The investment will create nearly 30,000 jobs and expand their semiconductor capacity across the country. Specifically, Intel plans to add 10,000 new permanent jobs at Intel and nearly 20,000 construction jobs.

When questioned on the notoriously cyclical nature of the semiconductor industry and whether we are headed to an oversupply of capacity, Gelsinger posited that AI is creating an insatiable demand for silicon. In addition, these fabs will produce products not just for Intel, but also Intel foundry customers. Therefore, he believes there’s no fundamental risk there will not be demand for the capacity.

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