Intel to receive over $10 billion from U.S.: Condition named
Intel could receive over $10 billion from the US (photo: flickr.com)
The Biden administration is in talks with the corporation Intel regarding subsidies exceeding $10 billion, according to Bloomberg.
This will be the largest reward under the plan to bring semiconductor production back to the U.S. The Intel subsidy package is expected to include both loans and direct grants. Negotiations are still ongoing.
Under the CHIPS Act of 2022 aimed at reviving the American semiconductor industry, $39 billion in direct grants, as well as loans and loan guarantees totaling $75 billion, are allocated. The funds will be used to attract leading global chipmakers to manufacture their products in the U.S.
Since President Joe Biden took office, chip manufacturing companies have invested over $230 billion in the U.S. The goal of the Biden administration is to create at least two leading manufacturing clusters by 2030.
The exact allocation of funds between grants and loans for Intel has not yet been determined.
Earlier, we wrote that the Biden administration aims to have advanced microchip manufacturing take place in the U.S.
