President Joe Biden and Commerce Secretary Gina Raimondo will announce a large award for Intel.
President Joe Biden and Commerce Secretary Gina Raimondo will announce a large award for Intel.

Joe Biden Administration to Award Multi-Billion Dollar Grant to Intel

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Sources familiar with the matter revealed that President Joe Biden and Commerce Secretary Gina Raimondo are set to announce a significant award for Intel to bolster chip production in the United States.

Venue and Details of Announcement:

The multi-billion-dollar award’s unveiling is scheduled for Arizona next week. Intel has reportedly extended invitations to customers and suppliers to attend the event. However, the company declined to comment on the matter.

Intel’s award, comprising grants and loans, will mark a substantial investment under the 2022 CHIPS and Science Act. This initiative aims to bolster domestic semiconductor output through a $52.7 billion funding package, including substantial subsidies for semiconductor production and research and development (R&D).

Context and Political Implications:

The expansion plans in Arizona hold political significance, particularly as the state is considered crucial for President Biden’s re-election campaign against Republican Donald Trump. The grant underscores the administration’s efforts to strengthen domestic semiconductor manufacturing capabilities.

Earlier initiatives, including a $1.5 billion award to GlobalFoundries and a $162 million grant to Microchip Technology, exemplify the Biden administration’s commitment to revitalizing the semiconductor industry in the United States. Similar awards for companies like Samsung and TSMC are anticipated shortly.

Addressing Global Supply Chain Concerns:

The initiative addresses concerns regarding overreliance on foreign countries, particularly China and Taiwan, for semiconductor manufacturing. The decline in the U.S. share of global semiconductor production underscores the urgency of bolstering domestic capabilities.

Intel’s grant will solidify Arizona’s position as a prominent hub for domestic chip manufacturing. This follows previous announcements by TSMC and Intel regarding significant investments in the state, further enhancing its role in the semiconductor industry.

Jean Martin

Jean Martin, a seasoned Correspondent Author at USA Guardian Magazine, specializes in transforming complex subjects into engaging narratives. With a keen eye for detail and a commitment to truth, her work spans politics, culture, and technology, enriching the magazine's diverse content. Jean's reporting not only informs but also inspires readers, showcasing her belief in journalism's power to drive change.

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