Joe Biden Wants The Americans To Focus On Computer Chips

Intel, the world’s largest semiconductor company, announced a $20 billion complex on Friday. In New Albany, Ohio, the project will contain two plants with a total capacity of 1,000. According to Ohio Governor Mike DeWine, it would be the most incredible private sector investment in the state’s history. Thousands of items, including automobiles, cell phones, appliances, game consoles, and medical devices, rely on semiconductors.

President Joe Biden has called on Congress to enact the CHIPS for America Act, which would offer $52 billion in incentives for future semiconductor investments. The bill is part of a reworked US Innovation and Competition Act that would allow more than $90 billion in research and industrial funding. According to Speaker Nancy Pelosi, House Democrats will be offering their version soon.

The company’s CEO describes the site as “simply deep” and a “magnet for the whole IT sector.” According to industry authorities, the United States now produces only 12% of the world’s computer chips, down from 37% in the 1990s. Currently, around 80% of the products are created in Asia.

Over the next decade, Intel wants to build eight plants and invest $100 billion, creating 3,000 construction jobs. The first chips will be developed by 2025, with production beginning this year. According to the White House, the semiconductor sector has announced $80 billion in new projects in the United States since the beginning of 2021. According to Commerce Secretary Gina Raimondo, Semiconductor supply lines are “too reliant on circumstances and nations halfway around the world.”

Brian Krzanich, the company’s CEO, termed the news “historic news for Ohio.” DeWine was not present, but he will meet with senators in Ohio later Friday to continue the conversation.