The Biden administration announced billions of dollars in new funds for chipmaker Intel on Wednesday, touting the investment as a way to boost U.S. competitiveness in a burgeoning high-tech market. Intel will get as much as $8.5 billion in direct federal funding.
The money, delivered in part from the 2022 CHIPS and Science Act, is expected to go to building and modernizing chip plants in Arizona, Ohio, Oregon and New Mexico.
This is the fourth such disbursement directed by the CHIPS act. The money has been critical in helping chip companies commit to domestic investment, officials say.
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