The Intel symbol appears on screen at the NASDAQ stock exchange in New York. Intel received nearly $20 billion from the Biden government in mid-March 2024. (File photo)
The envelope announced Wednesday will help build and expand Intel's infrastructure in Arizona, Ohio, New Mexico and Oregon, the company added. White House.
Thanks to these investments, it plans to create nearly 30,000 direct jobs and support tens of thousands of workers. ;indirect employment.
Commerce Secretary Gina Raimondo told reporters ahead of the official announcement that Intel would invest the equivalent of more than $100 billion.
According to her, this represents one of the highest investments ever made in the semiconductor industry in the country. And it will allow the United States to move closer to its goal of producing, by 2030, 20% of the state-of-the-art chips manufactured in the world, she added, stressing that the current level was zero.
We rely on a very small number of factories in Asia for all of our most sophisticated microprocessors. This is untenable and unacceptable, commented the minister.
It's a problem of economic security. This is a national security issue. And we are going to change that, she said.
The White House has indicated that Intel also intends to take advantage of a credit of investment tax of up to 25% of certain expenses, which could significantly increase the financial support it would likely receive from the U.S. government.
This tax benefit stems from another piece of legislation from the Biden administration, the Inflation Reduction Act (IRA), also passed in 2022. It is a broad tax program energy transition and social reforms.
Intel's investment represents a promising part of a great turnaround in American history, with leading semiconductor production returning to the United States for the first time in forty years, commented Lael Brainard, Joe Biden's main economic advisor, during the same speech as Ms. Raimondo.
With the support of the law CHIPS, Intel's $100 billion investment fits into President Biden's promise to build the future of the semiconductor industry here in the United States United, noted Ms. Brainard, specifying that 10,000 jobs would be created in production and 20,000 in the construction sector.
L' Arizona and Ohio are two swing states for which it is difficult to predict the results, and which can tip the scales for the Democrats or the Republicans, from one presidential election to the next. For this reason, Arizona and Ohio are expected to benefit from the greatest number of job creations.