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The Biden administration reached a deal for Intel to receive $8.5 billion in direct funding and $11 billion in loans to boost US chip production.

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Biden touts Arizona as America’s ‘future’ as government invests $8.5 billion in chipmaker Intel

President Joe Biden on Wednesday celebrated an agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans for computer chip plants around the country, talking up the investment in the political battleground state of Arizona and calling it a way of “bringing the future back to America.” The Biden administration has predicted that the cash infusion should help the U.S. boost its global share of advanced chip production from zero to 20%. The Democratic president highlighted the investment while visiting Intel’s Ocotillo campus in Chandler, Arizona, where he inspected silicon wafers and expressed amazement at how thin the chips are.

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