🚀 The U.S. Invests $8.5 Billion in Intel
posted 21 Mar 2024
The Biden administration has officially announced direct government investments into Intel, aimed at bolstering chip manufacturing in the United States. This initiative is set to reinstate America's dominance in the semiconductor industry and enhance its standing in the field of artificial intelligence, with the investment totaling up to $8.5 billion.
This funding is earmarked for developing or modernizing Intel's production sites in Arizona, New Mexico, Ohio, and Oregon. This move is expected to generate over 10,000 jobs post-factory launches and approximately 20,000 jobs during their construction, with Intel's investments in the U.S. anticipated to surpass $100 billion in the next five years.
This announcement is the culmination of years of work by President Biden and bipartisan efforts in Congress to ensure that the leading-edge chips we need to secure our economic and national security are made in the U.S,”U.S. Secretary of Commerce Gina Raimondo declared.
Pat Gelsinger, Intel's CEO, highlighted the deal's critical significance for both sides. He noted the rapid advancement of artificial intelligence, which significantly depends on semiconductor technologies. The agreement has been recognized as one of the most substantial U.S. government investments in the chip manufacturing sector.
Previously, the CEO of OpenAI had suggested an investment of up to $7 trillion into chip manufacturing crucial for developing artificial intelligence. He approached both governmental bodies, including the UAE government, and private investors, yet positive responses have yet to be received to date.
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