ARIZONA NEWS

President Joe Biden to tout huge semiconductor industry investment during Valley appearance

Mar 20, 2024, 7:50 AM | Updated: 11:28 am

PHOENIX – President Joe Biden will tout a new multibillion-dollar semiconductor industry investment when he visits the Intel Corporation’s campus in Chandler on Wednesday.

Intel is set to receive $8.5 billion in direct funding and $11 billion in loans under a preliminary agreement with the Department of Commerce, the White House announced hours before the president’s appearance at the tech company’s East Valley microchip manufacturing facility.

“This announcement is the culmination of years of work by President Biden and bipartisan efforts in Congress to ensure that the leading-edge chips we need to secure our economic and national security are made in the U.S.,” Commerce Secretary Gina Raimondo said in a press release.

How will Intel use CHIPS and Science Act funding?

Intel will use the funding from the CHIPS and Science Act to construct and expand facilities in Arizona, Ohio, New Mexico and Oregon. The federal investment is expected to create 30,000 jobs and support tens of thousands of indirect jobs.

Locally, Intel is planning to increase the manufacturing capacity at its Ocotillo campus in Chandler, where the chipmaking giant plans to build two leading-edge logic fabs and modernize an existing fab. The White House says the expansion will create over 3,000 manufacturing jobs, 7,000 construction jobs and thousands of indirect jobs.

“Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor manufacturing innovation,” Intel CEO Pat Gelsinger said in a statement. “AI is supercharging the digital revolution and everything digital needs semiconductors. CHIPS Act support will help to ensure that Intel and the U.S. stay at the forefront of the AI era as we build a resilient and sustainable semiconductor supply chain to power our nation’s future.”

Who will appear with President Joe Biden in Chandler?

Biden, who arrived in Phoenix on Tuesday after stops in Nevada, is expected to tour the Chandler Intel facility Wednesday before joining Raimondo and state and local officials to announce the funding deal.

“During his visit to Arizona, President Biden will discuss the vision that he laid out in his State of the Union, underscoring how his Investing in America agenda is building an economy from the middle out and bottom up, creating good-paying jobs right here in America, strengthening U.S. supply chains and protecting national security,” the White House said in a press release.

Gov. Katie Hobbs will speak during the event. U.S. Rep. Greg Stanton, Chandler Mayor Kevin Hartke and Phoenix Mayor Kate Gallego are also slated to attend.

“I am excited that Intel is expanding its operation in Chandler, continuing to fuel our state’s success,” Hobbs said in a statement. “We are leading America’s economic future because of our high-skilled workforce, dynamic economy, and innovative companies like Intel — an industry giant with its largest domestic manufacturing presence here in our state.”

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President Joe Biden to tout huge semiconductor industry investment during Valley appearance