Biden Administration to Invest $8.5 Billion , in Intel’s Computer Chip Plants.<br />Biden Administration to Invest $8.5 Billion , in Intel’s Computer Chip Plants.<br />In addition to $8.5 billion in direct funding, $11 billion will be provided in loans.<br />The money will come from <br />the CHIPS and Science Act.<br />The funds will go toward "computer chip <br />plants in Arizona, Ohio, New Mexico <br />and Oregon," CBS News reports. .<br />According to Intel, the new funding and other investments will create a total of 30,000 jobs in manufacturing and construction.<br />According to Intel, the new funding and other investments will create a total of 30,000 jobs in manufacturing and construction.<br />The deal will help the U.S. to produce 20% <br />of the most advanced computer chips <br />in the world by 2030, according to <br />Commerce Secretary Gina Raimondo.<br />Failure is not an option — leading-edge <br />chips are the core of our innovation <br />system, especially when it comes <br />to advances in artificial intelligence <br />and our military systems, Commerce Secretary Gina Raimondo, on a call with reporters.<br />We can't just design chips. <br />We have to make them in America, Commerce Secretary Gina Raimondo, on a call with reporters.<br />Biden's funding announcement comes <br />amid a heated presidential campaign.<br />Administration officials want to get chip technology funding <br />"out the door as quickly as possible so that the Biden campaign can point to concrete progress on one of the <br />White House's signature programs," analysts say.<br />Intel CEO Pat Gelsinger called the <br />CHIPS Act "the most critical industrial <br />policy legislation since World War II.".<br />We think of this as a defining <br />moment for the United States, the <br />semiconductor industry and for Intel, Intel CEO Pat Gelsinger, via statement
