– Intel announced plans to invest $20 billion to advance semiconductor manufacturing projects in Arizona, New Mexico, Ohio and Oregon as part of a $100 billion investment plan over the next 5 years.
– The funding includes $8.5 billion in direct grants from the Commerce Department and up to $11 billion in loans from the Treasury Department under the CHIPS Act. Intel will also receive an investment tax credit of up to 25% on $100 billion in qualified investments.
– The money will support previously announced plans by Intel to build new factories in Arizona and Ohio as well as modernize an existing facility in Arizona. It will also fund an advanced packaging facility in New Mexico and expand an R&D facility in Oregon.
– The investments aim to boost US chipmaking capacity and address national security concerns around reliance on Taiwan and China for semiconductor supply. Intel CEO Pat Gelsinger said the funding will help ensure Intel leads in the era of artificial intelligence.
– Commerce Secretary Gina Raimondo said it’s one of the largest investments in US semiconductor manufacturing with the goal of increasing the country’s advanced chip production from 0% to 20% by 2030.
Source: Fox Business
