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President Biden and Intel forge semiconductor partnership

President Biden and Intel forge semiconductor partnership

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Washington, D.C., 21 March 2024 (WAI): A historic deal between Intel Corporation and President of United States, Joe Biden was revealed today, marking a significant milestone for American business and technology. The goal of the agreement is to increase domestic semiconductor production and advance American leadership in the world of chip manufacturing.

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Key Highlights:

Investment: Under the CHIPS and Science Act, the Department of Commerce will provide Intel with up to $8.5 billion in direct funding and $11 billion in loans. This substantial investment will catalyze a total of $100 billion in private funding from Intel.

Facility Expansion: The agreement supports the construction and expansion of Intel facilities across four states:

Chandler, Arizona: Funding will help construct two leading-edge logic fabs and modernize an existing fab. This investment will create over 3,000 manufacturing jobs and thousands of indirect jobs.

New Albany, Ohio: A new regional economic cluster for U.S. chipmaking will be established with the construction of two leading-edge logic fabs. This project will generate 3,000 manufacturing jobs and thousands of indirect jobs.

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Other States: Intel’s expansion will also benefit facilities in New Mexico and Oregon.

Job Creation: The initiative is projected to create nearly 30,000 jobs, including both manufacturing and construction positions.

National Security and Innovation: Semiconductors are the backbone of modern technology, powering everything from smartphones to defense systems. By bolstering domestic production, the U.S. enhances its national security and ensures continued innovation.

Vision for the Future: President Biden’s commitment to investing in America is evident through initiatives like this. By building an economy from the middle out, creating good-paying jobs, and strengthening supply chains, the administration aims to secure a prosperous future for all Americans.

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