US supports Intel for chip production

The US administration will provide an $8.5 billion grant to chip company Intel in order to increase semiconductor production in the country. In a statement made by the White House, it was announced that the US Department of Commerce and Intel reached a preliminary agreement to provide the company with an $11 billion loan as well as $8.5 billion in direct financing under the CHIPS and Science Act. It was stated in the statement that this financing will support the construction and expansion of Intel's facilities in the states of Arizona, Ohio, New Mexico and Oregon, and that 30,000 jobs will be created. The statement pointed out that semiconductors invented in the US are used in many areas from mobile phones to electric vehicles, refrigerators, satellites and defense systems, and said, "However, today the US produces less than 10 percent of the chips in the world and does not produce any of the most advanced chips." It was emphasized in the statement that this situation has changed thanks to the CHIPS and Science Act, and that companies have announced over $240 billion in investments to bring semiconductor production back to the US since US President Joe Biden took office.