Biden Touts $8.5 Billion For Intel’s Semiconductor During Arizona Trip

March 22, 2024

By Daniel Stefanski |

The Grand Canyon State welcomed a grand manufacturing funding expansion this week.

On Wednesday, President Joe Biden appeared in Chandler, Arizona, at the Intel Ocotillo location to “announce that the Department of Commerce has reached a preliminary agreement with Intel to provide up to $8.5 billion in direct funding along with $11 billion in loans under the CHIPS and Science Act.” According to a White House fact sheet, this investment would “support the construction and expansion of Intel facilities in Arizona, Ohio, New Mexico, and Oregon, creating nearly 30,000 jobs and supporting tens of thousands of indirect jobs.”

In a post on “X” after his speech, President Biden wrote, “Semiconductors are the tiny computer chips smaller than a fingertip that power our everyday lives. We invented them, but over time we moved manufacturing overseas. I came to office determined to bring their production home. That’s what our CHIPS Act does.”

Arizona Governor Katie Hobbs attended the event at Intel and spoke to attendees. After the announcement, Hobbs championed the increased funding for a vital sector within her state, saying, “I’m excited to announce that Intel will receive a historic investment from the CHIPS Act, made possible thanks to President Biden’s leadership. This critical investment will drive innovation, create jobs, and solidify Arizona’s position as a leader in semiconductor manufacturing.”

Hobbs added, “Our success story is only possible with our exceptional workforce. BuildItAZ, Future48 Workforce Accelerators, and semiconductor apprenticeships will help ensure Arizonans are ready to take advantage of these good paying jobs. Intel has been a leader in the Arizona business community for decades. Thank you to CEO Pat Gelsinger for continuing our partnership. Your vision and leadership are driving innovation, creating jobs, and strengthening Arizona’s position in the global semiconductor industry.”

Gina Raimondo, the Secretary of the Commerce Department, also took part in the gathering at Intel. She shared, “Today, we announced an $8.5 billion preliminary agreement with Intel that will help strengthen supply chains, revitalize American semiconductor manufacturing, and create nearly 30,000 jobs. It was great to join President Biden in Arizona to share the news.”

“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. “AI is supercharging the digital revolution and everything digital needs semiconductors. CHIPS Act support will help to ensure that Intel and the U.S. stay at the forefront of the AI era as we build a resilient and sustainable semiconductor supply chain to power our nation’s future.”

Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.

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