The move is part of Chief Executive Officer Pat Gelsinger's strategy to restore Intel's dominance in chip making and reduce America's reliance on Asian manufacturing hubs, which have a tight hold on the market.
While chipmakers are scrambling to boost output, Intel's plans for new factories will not alleviate the current supply crunch, because such complexes take years to build.To dramatically increase chip production in the United States, the Biden administration is making a big push to convince Congress to approve $52 billion in subsidy funding.The Intel Corporation logo is seen on a display in a store in Manhattan, New York City, November 24, 2021.
"This project is a crucial step in growing America's domestic chip manufacturing capacity," Deputy Secretary of Commerce Don Graves said in a separate statement.
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