Commerce Department Proposes Nearly $20 Billion in Funding for Intel Semiconductor Chip Factories

The U.S. Department of Commerce has proposed awarding up to $8.5 billion in grants and $11 billion in loans to tech giant Intel to expand its semiconductor production and output. The proposed funding, which stems from the CHIPS and Science Act of 2022, marks the government’s largest investment ever in U.S. semiconductor manufacturing, according to senior administration officials. In a press release, the Commerce Department said the agreement, which it referred to an a non-binding preliminary memorandum of terms, will ensure leading-edge logic chips, which are essential to the world’s most advanced technologies like artificial intelligence (AI) and building critical military capabilities, will be developed and made in the United States....