The Biden administration and Intel have agreed on a non-binding preliminary memorandum of terms for up to $8.5bn in direct funding to support Intel’s semiconductor projects under the US CHIPS and Science Act.

The proposed funding, along with investment tax credits and eligibility for federal loans, aims to boost US semiconductor manufacturing and research capabilities.

This funding is particularly focused on advancing Intel’s semiconductor projects in Arizona, New Mexico, Ohio, and Oregon.

Intel announced its intention to invest over $100bn in the US over five years to expand domestic chipmaking capacity, especially in emerging technologies like AI.

This investment is expected to create thousands of new jobs, both directly and indirectly.

The Biden administration views the agreement as a significant step towards revitalising US manufacturing and ensuring US leadership in semiconductor technology.

Intel is also partnering with government and academia to develop a skilled semiconductor talent pool critical for the industry’s success.

The company has announced significant investments in semiconductor education, research, and workforce training.

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The Semiconductor Industry Association, alongside Oxford Economics, published a study on 25 July, 2023 predicting that by 2030 there will be a “projected shortfall of 67,000 workers in the semiconductor industry by 2030.”