Science and Technology Science and Technology
Tue, November 26, 2024
[ 09:42 PM ] - Tim Hastings
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Intel secures nearly $7.9B in CHIPS Act funds, half headed to Arizona

Intel secures nearly $7.9B in CHIPS Act funds, half headed to Arizona


Published on 2024-11-26 11:10:26 - Tim Hastings, N@N
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  • The U.S. Department of Commerce announced that it will make a final award to Intel Corp. of up to nearly $7.87 billion in direct funding under the CHIPS and Science Act, the largest such grant to any company but slightly below the preliminary $8.5 billion that had been announced earlier.

Intel has secured billions in funding from the CHIPS and Science Act to expand its semiconductor manufacturing in Arizona. The company plans to invest in new facilities and upgrade existing ones to increase production capacity, aiming to bolster domestic chip production and reduce reliance on foreign manufacturing. This initiative is part of a broader effort to enhance U.S. technological competitiveness and national security by ensuring a stable supply of semiconductors, critical components in everything from consumer electronics to military hardware. The funding will also support job creation, with thousands of new positions expected in construction, engineering, and technical roles. Intel's expansion is seen as a significant step towards revitalizing American manufacturing and innovation in the tech sector.

Read the Full USA Today Article at [ https://www.usatoday.com/story/money/business/2024/11/26/intel-secures-billions-chip-science-act-arizona/76576185007/ ]
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