By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Happen Recently
  • Home
  • Business
  • Startup
  • MSME
  • India
    • Politics
    • Sports
    • Entertainment
    • History
  • International
  • Magzine
Reading: Intel in talks with Biden administration for subsidies worth over $10 billion
Share
Aa
Aa
Happen Recently
  • Business
  • MSME
  • Startup
  • India
  • International
  • Get App
  • Magzine
  • Home
  • Business
  • Startup
  • MSME
  • India
    • Politics
    • Sports
    • Entertainment
    • History
  • International
  • Magzine
BusinessIndia

Intel in talks with Biden administration for subsidies worth over $10 billion

Team Happen Recently
Last updated: 2024/02/17 at 12:15 PM
Team Happen Recently
Share
3 Min Read
SHARE

The Biden administration is in talks to confer more than $10 billion in subsidies to Intel Corp., people familiar with the matter said, in what would be the largest award yet under a plan to bring semiconductor manufacturing back to US soil.

Intel’s award package is expected to include both loans and direct grants, according to the people, who asked not to be identified because the deliberations are private. They stressed that negotiations are still underway.

The Commerce Department and Intel declined to comment.

The incentives would come from the 2022 Chips and Science Act, which set aside $39 billion in direct grants as well as loans and loan guarantees worth $75 billion to get the world’s top semiconductor companies to manufacture chips in the US after decades of production abroad.

Intel climbed as much as 1.1% in late trading Friday after Bloomberg reported the news. The stock was down 13% this year through the close.

Chips firms have invested more than $230 billion in the US since President Joe Biden took office, and the administration’s goal is to establish at least two leading-edge manufacturing clusters by 2030.

The Commerce Department has already announced two smaller Chips Act grants. Secretary Gina Raimondo said last week that there would be a “drumbeat of even bigger announcements” in the next six to 12 weeks.

Intel dominated the chip industry for years but has recently fallen behind Asian rivals Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co., which are building their own US sites in Arizona and Texas. Intel Chief Executive Officer Pat Gelsinger has been the leading industry voice lobbying for US government support of the sector, and the firm has said its plans are contingent on that funding.

Intel is building a $20 billion facility in Ohio, undergoing a $20 billion expansion in Arizona and investing $3.5 billion in New Mexico.

It’s not yet clear how Intel’s award would be split between grants and loans, the people said. Loan terms are company-specific, the people said, as are benchmarks that the Commerce Department will impose to disburse the funding over time.

Intel hasn’t said when its projects will begin commercial production. The company has made significant progress in Ohio, a spokesperson said after the Wall Street Journal reported a delay from 2025 to 2026. An administration official said that the timeline is in bounds with Intel’s initial projections and based on market factors, not award announcements.

The Commerce Department earlier announced Chips Act grants to the American subsidiary of BAE Systems Plc and Microchip Technology Inc. for facilities in New Hampshire, Oregon and Colorado.

For more information visit at https://happenrecently.com/zepto/?amp=1

You Might Also Like

Aaditri Leading the Charge in Real Estate Growth & Urban Transformation

Auto Industry Leaders to Convene in Chennai for Auto Leadership Conference 2025

Bhaktimay Brings Authentic Temple Pujas to Devotees Across Bharat

From Villages to Villas: Samyog Living Makes Handcrafted Indian Furniture Accessible and Ethical

Myntra: Revolutionizing Fashion E-Commerce in India

TAGGED: Business, Economy, happenrecently, India

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share this Article
Facebook Twitter Copy Link Print
Previous Article ₹2.1 lakh crore accumulated through bank accounts under Jan Dhan scheme: Anurag Thakur
Next Article No top-up or transfer of money to Paytm Payments Bank accounts after March 15: RBI’s new FAQs
Leave a comment Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Happen Recently
Follow US

© 2023 Happen Recently. All Rights Reserved.

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
Go to mobile version
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?