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The Intel corporation has been granted a deal by the Biden administration to receive a maximum of $8.5 billion in direct funding and $11 billion in loans for constructing computer chip factories in Arizona, Ohio, New Mexico, and Oregon. Intel stated that this additional funding, along with other investments, will generate a total of 30,000 employment opportunities in the manufacturing and construction sectors.

President Joe Biden will highlight Intel’s investment during his visit to their campus in Chandler, Arizona, a potential battleground state in the upcoming November election. He has frequently voiced his concern that many Americans are unaware of his economic agenda and believes that greater awareness could garner more support for him.

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In 2022, Biden signed a legislation aimed at allocating $200 billion towards increasing domestic manufacturing of computer chips to reduce the reliance on foreign chip makers in the U.S.

Over 90% of the production of advanced computer chips.

Democratic Senator Sherrod Brown from Ohio, who is running for reelection this year, emphasized that his state will establish itself as a prominent player in the semiconductor manufacturing industry with the creation of numerous jobs by Intel. Although Ohio previously voted for Trump in the last two presidential races, Senator Brown will be up against Republican candidate Bernie Moreno, a Cleveland-based businessman who has the support of Trump, in November.

On Wednesday, the fourth and biggest declaration was made under the chips statute, with the help of the government predicted to assist Intel in making $100 billion in investments over a span of five years. Intel’s CEO, Pat Gelsinger, stated that approximately 25% of the sum would be allocated to constructing infrastructure and land, while about 70% would be invested in equipment.

“I see this as a significant moment for the United States, the semiconductor sector, and for Intel,” stated Gelsinger, who referred to the CHIPS Act as “the most crucial legislation for industrial policy since World War II.”

Intel will be allocating their funding to four different states.

During a press briefing, the CEO of Intel expressed his desire for a follow-up to the 2022 legislation that would allocate further funds to the industry.

According to officials in the Biden administration, computer chip companies would not be making as much domestic investments without the support of the government. Intel is also intending to obtain tax credits, up to 25%, for eligible investments from the Treasury Department.

The company headquartered in Santa Clara, California intends to utilize the financial support across four states. In the city of Chandler, Arizona, the funds will contribute to the construction of two additional chip factories and the renovation of an existing one. Additionally, the funding will facilitate the establishment of two state-of-the-art plants in New Albany, Ohio, located on the outskirts of the state’s capital city, Columbus.

The corporation is set to convert two of its factories located in Rio Rancho, New Mexico into state-of-the-art packaging centers. Additionally, Intel plans to update its facilities in Hillsboro, Oregon.

The current administration under President Biden has expressed the importance of providing workforce training and affordable child care through agreements with businesses. One agreement with the Commerce Department ensures that Intel will support local training initiatives and increase the funding for their child care program.

Source: cbsnews.com