OK Chips Funding, Say Biden, Intel Chief
President Joe Biden and Intel CEO Pat Gelsinger used Intel’s announcement Friday of its $20 billion investment to build two semiconductor fabs in central Ohio to appeal for passing the U.S. Innovation and Competition Act and USICA's authorization of federal…
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funding under the Chips Act. In the U.S., “we barely produce 10%” of the world’s chips, “despite being the leader in chip design and research, and we don’t have the ability to make the most advanced chips,” Biden told a White House news briefing. As “historic” as Intel’s announcement is, enacting the USICA “is an important part of today’s message,” he said. USICA “includes a $52 billion incentive for more companies to build their manufacturing facilities” in the U.S., said Biden. “I want other cities and states to be able to make announcements like the one being made here today. That’s why I want to see Congress pass this bill right away and get it to my desk.” He vowed his administration “will use all the tools we have to reshore our supply chains, strengthen our economic resilience and make more in America.” Intel "can’t do it alone,” its chief said. Congress needs to “finish the job” by approving the Chips Act funding, said Gelsinger. “Our announcement today is motivated by the Chips Act.”