The U.S. government will provide up to $ 8.5 billion to Intel (INTC.O) to fund its new chip factories in four states, which is the largest amount of money provided by the Biden administration to revitalize the U.S. chip manufacturing industry. Intel's total investment in U.S. projects over the next five years is expected to exceed $ 100 billion, according to the U.S. Commerce Department. Commerce Secretary Raimondo said Tuesday that Intel's investment will put the U.S. on track to produce 20 percent of the world's cutting-edge chips by the end of this decade. The company also has access to up to $ 11 billion in government loans and plans to apply for related tax credits. For Intel, the funding provides additional financial support for CEO Pat Gelsinger's costly turnaround efforts.

Translated with DeepL.com (free version)