Intel awarded billions by US government to ramp up chip production

News Snapshot:

The Biden-Harris administration has announced Intel could receive up to $8.5 billion in potential direct funding to ram up domestic production of semiconductors. The US Department of Commerce has offered Intel a non-binding preliminary memorandum of terms (PMT) to provide the funding under the CHIPS and Science act. The CHIPS act is an incentive put forward by the Biden administration to secure the domestic production of chips, rather than relying on Taiwan’s manufacturing capabilities that could be sabotaged by China. Billions of dollars for CHIPS Semiconductor chips are essential for almost every electronic device, especially those involved in the latest...