A comprehensive look at Intel’s recent announcement and what it means for the company, the semiconductor industry, and the US economy.
On November 26, 2024, Intel and the Biden-Harris Administration announced that the U.S. Department of Commerce will award the company up to $7.86 billion in direct funding for its commercial semiconductor manufacturing projects under the U.S. CHIPS and Science Act. This1 award will support Intel’s previously announced plans to advance critical semiconductor manufacturing and advanced packaging projects at its sites in Arizona, New Mexico, Ohio, and2 Oregon. Intel also plans to claim the U.S. Treasury Department’s Investment Tax Credit, which is expected to be up to 25% of qualified investments exceeding $100 billion.
This announcement demonstrates the U.S. government’s confidence in Intel’s vital role in building a resilient, trusted semiconductor supply chain on American soil. Since the passage of the CHIPS and Science Act over two years ago, Intel has announced plans to invest more than $100 billion in the U.S. to expand chipmaking and advanced packaging capacity and capabilities critical to economic and national security. These historic investments will support tens of thousands of jobs, strengthen U.S. supply chains, foster U.S.-based R&D, and help ensure American leadership in cutting-edge semiconductor manufacturing and technology capabilities.
