Biden administration unveils its largest funding announcement yet — a $20 billion package for Intel to construct and expand chip-making facilities in the US.
$8.5B direct funding announcement is the largest of any grant made so far under the 2022 CHIPS and Science Act/ Photo: Reuters
"The Department of Commerce has reached a preliminary agreement with Intel to provide up to $8.5B in direct funding along with $11B in loans under the CHIPS and Science Act," the White House said in a statement. The money will help incentivize Intel to make more than $100B worth of investments, which will be one of the largest investments ever in US semiconductor ma nufacturing, she said.
"It's an economic security problem. It's a national security problem. And we're going to change that," she added.
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