It’s the White House reduction More than $600 million in Intel CHIPS Act awards. First of all It will receive 8.5 billion dollars The company will instead earn up to $7.85 billion from domestic silicon production. Tuesday, The New York Times informed Intel has extended some plant openings to 2030 beyond the government deadline. However, the Commerce Department said the funding cuts would instead be a A $3 billion military contract He was awarded the Intel prize.
Intel placed the biggest quarterly loss since last month It announced 15,000 layoffs in August. The chip maker has a fight reported causing some government officials to worry about its ability to deliver as a central component Biden White House CHIPS Act.
Intel will receive at least $1 billion under the CHIPS Act by the end of the year. The company plans to invest $90 billion in the US by the end of the decade, down from its original target of $100 billion over the next five years. The Commerce Department said the chipmaker still has 100 projects in four states: Arizona ($3.94 billion), Oregon ($1.86 billion), Ohio ($1.5 billion) and New Mexico ($500 million). plans to invest billion dollars.
The CHIPS Act, one of the President’s landmark bills, is projected to create more than 125,000 jobs in 20 states while boosting US silicon production and reducing reliance on foreign manufacturers. Intel is the largest recipient of CHIPS Act money.
The Commerce Department is reportedly moving quickly to finalize awards with the bill’s recipients before the start of Trump’s second term in January. The president-elect attacked the legislation and its value and House Speaker Mike Johnson on the campaign trail he said then Republicans will “probably” try to repeal the CHIPS Act. But later Johnson stepped back his comments and analysts predicted the law is likely to survive after the election.
Earlier this month, Taiwan Semiconductor Manufacturing Company (TSMC), the world’s leading advanced chip maker, the first to finalize their grants. It will receive $6.6 billion (including at least $1 billion by the end of the year) for three plants expected to create “tens of thousands of jobs by the end of the decade” in Arizona.
US Commerce Secretary Gina Raimondo urged tech companies including Apple, Amazon, NVIDIA, AMD and others to work with Intel, as the 56-year-old company is the only US-based logic chip maker. However, most companies were said to have rejected his request because “Intel’s chip manufacturing technologies are not as sophisticated as TSMC’s”. NYT report last month.
Although Taiwan is a US ally and economic partner, the Biden administration has reportedly deemed it “increasingly risky” to rely on China as it poses a continuing threat to take over the self-ruled island. China last month military “exercises” were held The sea and sky over Taiwan as a warning after the island’s President Lai Ching-ten reaffirmed the island’s independence in a celebratory speech. The US State Department expressed its “grave concern” about the show of force.
