US Government Invests $8.5 Billion in Intel's Chip Plant Expansion

Intel will receive a total of $19.5 billion from the US government for expanding its capacity to manufacture high-end chips in the United States. This includes $8.5 billion in direct funding and up to $11 billion in loans. The investment is aimed at producing 20% of the world's most advanced chips by 2030, as the US currently designs advanced chips but lacks the domestic capability to manufacture them. President Joe Biden will visit Intel's campus in Chandler, Arizona on Wednesday to announce the deal and promote it as a boost for the economy and national security. The Chips and Science Act, which provided $50 billion for semiconductor manufacturing and research, was signed into law by Biden in 2022. There is some variation between the articles regarding the exact amount of funding Intel will receive directly versus through loans, but they all agree on the overall investment figure and the importance of the deal for US economic and national security interests.