Intel reaffirmed a commitment to pump $100 billion into US chip manufacturing over a five-year period after securing a preliminary deal with the government to access up to $20 billion in grants and incentives.
The chip company stands to gain up to $8.5 billion in direct funding as part of the US CHIPS and Science Act, a programme agreed in 2022 which established a pot of $52 billion to boost domestic silicon production.
Intel played up its position as “the only American company” which designs and produces “leading-edge logic chips” in a statement announcing the non-binding funding deal.
The government money will “advance Intel’s commercial semiconductor projects in Arizona, New Mexico, Ohio and Oregon”, it stated.
TSMC and Samsung are among the other chip manufacturers in the running for a slice of the CHIPS and Science Act backing.
Alongside the CHIPS and Science Act funding, Intel noted the preliminary agreement would leave it eligible for government loans of up to $11 billion, while a pending deal with the US Department of the Treasury leaves it in line to receive tax credits of up to 25 per cent on its planned $100 billion investment.
CEO Pat Gelsinger hailed the moves as a “defining moment”, tipping the CHIPS and Science Act funding to “help to ensure that Intel and the US stay at the forefront of the AI era”.
Intel stated its investments could create a total of 30,000 jobs comprised of 10,000 internal roles and 20,000 for the building trade.
It noted all monies covered by its preliminary agreement are “subject to due diligence”, with precise terms yet to be negotiated and on condition of “the achievement of certain milestones”.
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