"Today's award marks another key step in implementing President Biden's CHIPS and Science Act and the Investing in America agenda to reshore manufacturing, create thousands of good-paying jobs, and strengthen our economy," White House Deputy Chief of Staff Natalie Quillian said in the announcement.
The confirmed CHIPS investment will be put towards building and expanding Intel's semiconductor fabrication facilities in Arizona, New Mexico, Ohio, and Oregon, which is expected to create up to 30,000 job roles across all four states.
The funding comes despite Intel scaling back some of its ambitions. Its expansion in Ohio will provide 3,500 fewer jobs than the 10,000 previously estimated, and the company has reduced its planned investments in US manufacturing from $100 billion over the next five years to $90 billion by the end of the decade.
Intel's been on the ropes for the last few months. It ran into trouble with its next-gen 18A manufacturing process, laid off more than 15,000 employees, and reported losses of $16.6 billion in its last quarterly report - its biggest quarterly loss since the company was founded in 1968.
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