Intel has reportedly demanded another $10 billion from the Biden administration and its CHIPS Act, which would be the largest award yet under the plan, which is bringing semiconductor manufacturing back onto US soil.
In a new report from Bloomberg, reporting from the usual "people familiar with the matter," the new package for Intel will include both loans and direct grants. Bloomberg's sources said that they didn't want to be identified because the deliberations are private -- well, not anymore -- stressing that negotiations are still in the works.
The 2022 Chips and Science Act (CHIPS) put aside $39 billion in direct grants as well as loans and loan guarantees worth $75 billion in order to lure the world's top semiconductor companies to manufacture chips in the US. CHIPS companies have invested over $230 billion in the US since Biden took office, with his administration having a goal of getting at least two leading-edge manufacturing clusters by 2030 on US soil.
Intel is currently building a $20 billion facility in Ohio while pumping another $20 billion into an expansion of its facilities in Arizona while also investing $3.5 billion into New Mexico. The additional $10 billion through the CHIPS Act will allow Intel to continue its investments in its US operations.
