Helena Lyng Blak
9 weeks ago

CHIPS Act: Intel awarded $8.5 billion

Intel is set to receive as much as $8.5 billion in direct funding.
Intel computing chip on an old motherboard.
Ireshetnikov54 / Shutterstock.com

On Wednesday, the White House announced that Intel, an American company, will be granted up to $8.5 billion. This funding aims to bolster the United States' position as a leading semiconductor manufacturer.

This grant is the largest awarded so far under the CHIPS Act.

The CHIPS and Science Act

The CHIPS and Science Act is a U.S. federal statute that provides approximately $52 billion in subsidies for semiconductor production and research. The act allocates $39 billion to enhance the manufacturing of computer chips domestically, in addition to offering a 25% investment tax credit for the costs associated with manufacturing equipment.

The act is born out of the so-called “chip war” between the US and China.

“Where the hell is it written that we’re not going to be the manufacturing capital of the world again?” President Joe Biden said on Wednesday, speaking at the Intel campus in Arizona, as per The New York Times.

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