Posted 3/20/2024, 9:00:16 AM
Intel Receives $8.5B in Federal Funding to Build New Chip Plants Across 4 States
- White House awards Intel $8.5B in CHIPS Act funding to build semiconductor plants in OH, AZ, NM, and OR
- Funding aims to reduce US dependence on foreign chip makers and strengthen domestic supply chain
- Intel CEO says funding will ensure US and Intel lead in AI era and build sustainable chip supply chain
- Announcement comes as Intel struggles to catch up to competitor TSMC in advanced chip manufacturing
- Intel stock up 41% in past year but lags behind rivals Nvidia (up 247%) and AMD (up 85%) amid AI boom