US finalises $7.86 billion CHIPS Act funding for Intel
The US Department of Commerce says it will provide Intel with up to USD 7.86 billion in funding for its semiconductor manufacturing projects under the CHIPS and Science Act – down from USD 8.5 billion announced in March
The funding will support Intel's plans to expand semiconductor manufacturing and packaging at its projects at its sites in Arizona, New Mexico, Ohio, and Oregon. Intel says in a press release that it also plans to claim the U.S. Treasury Department’s Investment Tax Credit, which is expected to be up to 25% of qualified investments of more than USD 100 billion.
“With Intel 3 already in high-volume production and Intel 18A set to follow next year, leading-edge semiconductors are once again being made on American soil,” said Pat Gelsinger, CEO of Intel, in a press release. “Strong bipartisan support for restoring American technology and manufacturing leadership is driving historic investments that are critical to the country’s long-term economic growth and national security. Intel is deeply committed to advancing these shared priorities as we further expand our U.S. operations over the next several years.”
Since the CHIPS Act passed two years ago, Intel has announced plans to invest over $100 billion to expand U.S. chipmaking and packaging. These investments are set to create thousands of jobs, strengthen supply chains and boost R&D in advanced semiconductor technology.
