Bloomberg has reported that the Biden administration in the United States is currently in negotiations to provide Intel Corporation with over $10 billion in subsidies. If successful, this funding award will be the largest in the U.S. government's initiative to bring semiconductor manufacturing back to the country. The subsidies offered to Intel may include loans and direct grants, according to the report.
The U.S. Department of Commerce, responsible for overseeing the distribution of funds from the U.S. Chip and Science Act, has already announced two smaller grants. U.S. Commerce Secretary Raimondo stated earlier this month that the department aims to award several grants within the next two months using the $39 billion allocated to promote semiconductor manufacturing.
Since President Biden took office, chip companies have invested more than $230 billion in the United States. The Biden administration has set a goal of establishing at least two leading manufacturing clusters by 2030. While Intel has dominated the chip industry for years, it has recently faced stiff competition from Asian rivals such as TSMC and Samsung Electronics, both of which have established their own factories in Arizona and Texas.
Biden Administration Negotiating $10 Billion Subsidy Deal with Intel to Boost US Semiconductor Manufacturing
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