Intel Receives Nearly $8 Billion in Funding

The U.S. Department of Commerce has awarded Intel Corporation nearly $8 billion under the CHIPS Act to support its semiconductor manufacturing expansion across several states, including Arizona, New Mexico, Ohio, and Oregon. This funding is part of Intel's broader $90 billion U.S. investment plan aimed at revitalizing the domestic semiconductor industry. Despite facing financial challenges, including a recent $17 billion net loss, Intel's CEO Pat Gelsinger highlighted the importance of this funding for restoring U.S. technology leadership and job creation. The funding will also support training for semiconductor workers and enhance childcare availability for employees. In response to escalating chip control measures by the U.S., China has vowed to take necessary actions to protect its firms, intensifying the ongoing chip war between the two countries. This funding underscores the Biden administration's commitment to bolstering American manufacturing capabilities and national security.