Biden-Harris Administration Announces Preliminary Terms with Intel to Support Investment in U.S. Semiconductor Technology Leadership and Create Tens of Thousands of Jobs

The Biden-Harris Administration announced a preliminary memorandum of terms (PMT) with Intel Corporation to provide up to $8.5 billion in direct funding under the CHIPS and Science Act to strengthen the U.S. supply chain and re-establish American leadership in semiconductor manufacturing. Over the next five years, Intel expects its investments in the United States to exceed $100 billion, creating over 30,000 jobs and marking one of the largest investments ever in U.S. semiconductor manufacturing. The proposed CHIPS funding would strengthen all major technical processes for leading-edge chips to occur in the United States, including proposed investments in Arizona, New Mexico, Ohio, and Oregon.