Biden Administration Commits Nearly $20 Billion to Boost U.S. Semiconductor Industry with Intel

"Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor innovation," said Intel CEO Pat Gelsinger. (Credit: AFP)

With nearly $20 billion allocated to Intel, the Biden administration aims to bolster the country's global microprocessor strategy. This initiative involves bringing chip production back to the United States and complementing the California-based supply chain on the continent.

The White House announced that the Commerce Department has reached a preliminary agreement with Intel under the CHIPS and Science Act. With this, the chipmaker will receive up to US$8.5 billion in direct financing and up to US$11 billion in loans.