The CHIPS and Science Act is a U.S. federal statute enacted by the 117th United States Congress and signed into law in 2022. The act provides around $53 billion in funding to support the growth of domestic research and manufacturing of semiconductors in the United States.
According to recent reports, the division will make an investment of $8.5 billion in grants and another $11 billion in loans to Intel, the multinational technology company that specializes in semiconductor and chip manufacturing, to build semiconductor plants in Arizona, Ohio, New Mexico, and Oregon. Some of the funding will be used to build two new factories and modernize an existing one.
This investment deal will provide as much as 30,000 construction and factory jobs and give the United States a foothold in leading-edge semiconductors used for artificial intelligence and military systems, which are currently made overseas. The goal is for 20% of these semiconductors to be made in the United States by 2030.
