Intel and the U.S. Department of Commerce have signed a preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding for Intel’s commercial semiconductor projects under the CHIPS and Science Act. This proposed funding will support Intel’s critical semiconductor manufacturing and research and development initiatives at its sites across Arizona, New Mexico, Ohio, and Oregon.
According to Intel CEO Pat Gelsinger, this partnership marks a significant moment for both the company and the U.S., as they work together to drive innovation in American semiconductors. With AI driving digital advancements, reliable supply chains are crucial – something that this collaboration aims to achieve.
The combined efforts of CHIPS Act funding with Intel’s previous commitment of over $100 billion investment in the U.S. over five years make it one of the largest public-private investments ever made in America’s semiconductor industry. Additionally, under this PMT agreement, federal loans worth up to $11 billion may also be available for use by Intel if needed.
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