US President Joe Biden announced that his administration will be awarding a multibillion-dollar grant to Intel's Arizona facility to expand its chip and semiconductor production, the New York Times reported.
The cash grant is part of the $39 billion budget from the CHIPS and Science Act in the administration's bid to revive the semiconductor and technology industry in the US to compete with East Asian countries.
(Photo : Saul Loeb/AFP via Getty Images)
Biden Promotes 'Investing in America' Project Ahead of 2024 Elections
According to Biden, the award will help boost research and development efforts to revitalize the country's chip factories, as well as promote apprenticeship programs for the industry.
The administration is seeking to award similar cash grants to Ohio and Texas as part of Biden's "Investing in America" project, which he will use for his re-election campaign against impeached President Donald Trump.
Reuters have earlier reported Biden's announcement via anonymous sources.
Biden Admin to Invest on Samsung, TSMC
Aside from cash grants to its local chip manufacturers, the White House intends to boost its arsenal of advanced chips by investing in other chip businesses in its allied nations.
People familiar with the matter told the NY Times that Biden is looking to invest in South Korea's Samsung and the Taiwan Semiconductor Manufacturing Company.
Since Trump's presidency, the US has been ramping up its acquisition of semiconductors and advanced chips as it competes with China's tech dominance.
The plans to support South Korea and Taiwan came after reports of the US urging allied countries to further tighten policies to prevent China from accessing its chips.
Earlier reports indicate that the Asian country is still able to acquire advanced chips from NVIDIA and other semiconductor manufacturers despite the US sanctions on the country.
Related Article: US is Urging Allies to Tighten Regulations Against China's Access to Chip Tech
