Biden Administration Invests $20B to Incentivize Domestic Chip Production, Creating 30,000 Intel Jobs

Biden administration providing $8.5B in direct funding and $11B in loans to Intel for new chip plants in AZ, OH, NM, and OR. Expected to create 30,000 jobs.

Funding comes from the CHIPS Act signed in 2022 to invest $200B in domestic chip production, with the goal of making the U.S. less reliant on overseas manufacturers.

Deal expected to help U.S. produce 20% of world's most advanced chips by 2030. Currently produces 0%.

Announcement comes amid 2024 campaign. Biden touting resurgence in U.S. manufacturing under his policies. Direct challenge to Trump's promises on manufacturing.

Total expected Intel investment exceeds $100B over 5 years. Government funding critical for Intel to invest at this scale domestically.