Biden Strikes $8.5B Deal to Boost US Chipmaking
- Biden administration reaching $8.5B agreement to fund Intel building chip plants in AZ, OH, NM, and OR
- Aims to boost US advanced chip production capacity from 0% to 20% by 2030
- Part of broader strategy to reduce reliance on Asia for critical chips
- Intel projects total $100B investment over 5 years, creating 30,000 jobs
- Uses funding from 2022 CHIPS Act passed to strengthen US chip supply chains
