U.S. President Joe Biden and Commerce Secretary Gina Raimondo are set to announce a substantial award for Intel in Arizona next week, according to a Reuters report. This award, part of the 2022 CHIPS and Science Act, aims to expand U.S. chip production, with Intel's grant being the largest yet under this act.
The U.S. government has yet to confirm the amount of money that Intel will receive, but rumor has it that Intel's award package may exceed $10 billion. The funding includes grants and loans aimed to bolster Intel's competitive positions as well as U.S. semiconductor manufacturing.
