The White House announced that the US Department of Commerce and Intel have reached a preliminary agreement for $11 billion in loans and $8.5 billion in direct financing under the CHIPS and Science Act.
The statement noted that this funding will support the construction and expansion of Intel's facilities in the states of Arizona, Ohio, New Mexico, and Oregon, with the creation of 30,000 jobs.
Highlighting that semiconductors invented in the US are used in many fields, from cell phones to electric vehicles, refrigerators, satellites, and defense systems, the statement pointed out, 'However, today the US produces less than 10% of the world's chips and does not produce any of the most advanced chips.'
The statement emphasized that this situation is changing thanks to the CHIPS and Science Act, mentioning that companies have announced investments of over $240 billion to bring semiconductor production back to the US since President Joe Biden took office.
