Biden calls Arizona America's 'future' as government invests $8.5 billion in Intel.

Chandler, Arizona— President Joe Biden announced Wednesday that Intel will get up to $8.5 billion in direct cash and $11 billion in loans for computer chip plants countrywide, calling the investment in Arizona, a political battleground, “bringing the future back to America.”

By investing, Biden hopes to increase the U.S.'s worldwide advanced chip production share from 0% to 20%. Thin silicon wafers from Intel's Chandler, Arizona, Ocotillo campus impressed the Democratic president.

After a tour, Biden discussed how his plans may help the U.S. economy to boost his political standing before November. Intel plans to build facilities in Arizona, Ohio, Oregon, and New Mexico with federal workforce development subsidies.Biden stated, “It’s about investing in the American people as well.”

Commerce Secretary Gina Raimondo said the arrangement will allow the US to make 20% of the world's most advanced processors by 2030. The US creates advanced chips but cannot build them locally, posing security and economic risks.

Raimondo told reporters, “Failure is not an option—leading-edge chips are the core of our innovation system, especially for AI and military systems. Chip design isn't enough. We must make them in America.”

Finance was announced during the 2024 presidential election. Biden argues his initiatives saved U.S. manufacturing and employment. He challenges GOP presidential nominee Donald Trump, who raised tariffs while in office and intends to do so again to safeguard industrial jobs from China.

On tour, Biden told Intel workers, “You're bringing the future back to America.”Biden defeated Trump 49.4% to 49.1% in Arizona in 2020.After the announcement, Biden flew to Texas to headline two Dallas-area campaign fundraisers, one of which sold out and raised $2.5 million, according to trial lawyer Russell Budd.

Mr. President, you're the hottest ticket in Texas tonight,” Budd informed Biden.The February AP-NORC Center for Public Affairs poll found 34% of Americans support Biden's economic leadership. As inflation hit a four-decade high in 2022, the Democrat, who had 52% economic popularity in July 2021, suffered.

After the pandemic, the Biden administration helped pass the bipartisan 2022 CHIPS and Science Act to help Intel address worries that losing Asian chips would cause a recession.Politicians lobbied for the investment, anxious about China controlling Taiwan, which makes 90% of computer chips.

Democratic Sen. Sherrod Brown, seeking reelection in November, said Intel will create thousands of jobs and make Ohio “a global leader in semiconductor manufacturing”. Trump-supporting Cleveland Republican Bernie Moreno will oppose Brown in November. Ohio supported Trump twice. In Wednesday's fourth and largest CHIPS announcement, the government supported Intel Corp.'s $100 billion capital commitments over five years. Intel CEO Pat Gelsinger estimated 25% for buildings and land and 70% for equipment.

Gelsinger dubbed CHIPS “the most critical industrial policy legislation since World War II.” “We consider this a turning point for the US, the semiconductor industry, and Intel.”Intel CEO indicated in a press call he wants a 2022 industry finance law sequel.

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