President Joe Biden's administration is providing $504 million in funding to twelve technology hubs across the U.S. to expand research in AI, semiconductor manufacturing, and clean energy.
Intel is set to receive up to $8.5 billion in federal grants and potentially $11 billion in loans under the CHIPS Act to support semiconductor manufacturing and research facilities in multiple U.S. states. The company aims to become a leading-edge manufacturer by 2026 and create thousands of jobs through facility construction and chip manufacturing.