April 13, 2024

Trendverce

We curate, you explore: making sense of global trends.

Breaking News: Biden Administration Set to Award $10 Billion in Subsidies to Intel Corp | Exclusive Bloomberg Report

2 min read
Breaking_News

The Biden administration is currently in talks to provide Intel Corp with over $10 billion in subsidies, according to a report by Bloomberg News. The negotiation includes the potential allocation of both loans and direct grants to the company. This development falls under the U.S. Department of Commerce’s supervision, responsible for disbursing funds from the CHIPS Act.

Intel’s planned award package is projected to support chip production and related supply chain investments. The funds aim to facilitate the construction of new factories and ramp up production. Intel’s investment strategy involves directing this financial support towards establishing chip factories in Arizona and New Mexico, alongside a new site in Ohio which the company anticipates may evolve into the world’s largest chip plant.

On a related note, there have been reports of Intel delaying the completion of its Ohio site until 2026 due to market and federal funding factors. It is uncertain whether the increased influx of federal funds this year may accelerate these plans or alter the progress of other participants, such as Taiwan Semiconductor Manufacturing Co, Micron, and Samsung Electronics, who have also applied for U.S. funding and are in the process of constructing new chip factories in the United States.

Key Points:

– The Biden administration is reportedly in talks to award Intel Corp with $10 billion in subsidies, encompassing loans and direct grants.
– The subsidies fall under the oversight of the U.S. Department of Commerce’s CHIPS Act, aiming to boost semiconductor manufacturing.
– Intel intends to utilize the subsidies to build new chip factories in Arizona, New Mexico, and Ohio.
– There are speculations regarding the potential impact of the subsidies on the plans of other companies such as Taiwan Semiconductor Manufacturing Co, Micron, and Samsung Electronics.

This development underscores the administration’s commitment to bolstering domestic semiconductor production and fostering a competitive edge in the global technology sector.

Step into the vibrant world of Neom.nu art. Begin your journey here 🖼!

Leave a Reply

Your email address will not be published. Required fields are marked *

All publications and content on this platform are intended for informational and entertainment purposes only. Trendverce.eu does not provide legal, financial, or professional advice. We work to ensure that all information is accurate and updated to the best of our abilities; however, there may be omissions, errors, or outdated facts. Use our insights at your own discretion and consult with professional advisors for any decisions. Copyright © All rights reserved. | Newsphere by AF themes.