US authorities are negotiating a $10 billion subsidy for Intel. The corporation will receive compensation as part of a program to return chip production to the states.
Bloomberg reports, citing people familiar with the matter, that the $10 billion includes both direct grants and loans to the company.
The subsidies are part of the Chips and Science Act of 2022, which will provide $39 billion in direct investment and $75 billion in loans and loan guarantees to encourage semiconductor companies to move production to the United States. .
Commerce Secretary Gina Raimondo said the department will make “many even bigger announcements” in the next two to three months.
It should be noted that Intel is the recipient of the most support under the Chips and Science Act plan. However, $10 billion is only half the cost of the plant the company is building in Ohio. Additionally, the corporation will spend $20 billion on a facility in Arizona and invest $3.5 billion in New Mexico.
Author:
Akhmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
