President Joe Biden plans to talk up the investment on Wednesday as he visits Intel’s campus in Chandler, Arizona, which could be a decisive swing state in November’s election.
He has often said that not enough voters know about his economic policies and suggested that more would support him if they did know.
Commerce Secretary Gina Raimondo said the deal reached through her department would put the United States in a position to produce 20% of the world’s most advanced chips by 2030, up from the current level of zero. The United States designs advanced chips, but its inability to make them domestically has emerged as a national security and economic risk.
“Failure is not an option — leading-edge chips are the core of our innovation system, especially when it comes to advances in artificial intelligence and our military systems,” Raimondo said on a call with reporters. “We can’t just design chips. We have to make them in America.”
The funding announcement comes amid the heat of the 2024 presidential campaign. Biden has been telling voters that his policies have led to a resurgence in U.S. manufacturing and job growth. His message is a direct challenge to former President Donald Trump, the presumptive Republican nominee, who raised tariffs while in the White House and wants to do so again on the promise of protecting U.S. factory jobs from China.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
TECH TIP: START THE NEW YEAR WITH A CLEAN INBOX
The new year is always a good time to make a fresh start — including with your email inbox. To kick off 2025 with a clean slate, why not clear out all those unnecessary and unwanted messages?
AGING WELL MEANS HAVING GOOD BALANCE.HERE'S HOW TO PRIORITIZE IT
Taking a shower. Grocery shopping. Moving around the kitchen. Getting dressed. The underappreciated link between these mundane activities is good balance, which geriatricians say is key to maintaining an independent lifestyle as we age.
PRIME VIDEO'S USE OF AI, NEXT GEN STATS ON NFL GAMES IS HELPING VIEWERS UNDERSTAND THE GAME BETTER
The Los Angeles Rams defense appeared to be content to drop back in coverage and prevent San Francisco's Brock Purdy from completing a Hail Mary on the final play of their Thursday night game on Dec. 12.
GOOGLE FACES MORE SCRUTINY AS UK WATCHDOG FLEXES NEW DIGITAL COMPETITION POWERS
Britain's competition watchdog flexed new digital market powers for the first time with an investigation into Google's search and search ad businesses.
BOEING'S AIRCRAFT DELIVERIES AND ORDERS IN 2024 REFLECT THE COMPANY'S ROUGH YEAR
Boeing delivered less than half the number of commercial aircraft to customers than its European rival in 2024 as the American aerospace giant's output suffered under intensified government scrutiny and a factory workers' strike, according to data released this week.
TAIWAN IPHONE MAKER FOXCONN SETS ITS SIGHTS ON THE EVER MORE CROWDED EV MARKET
Auto industry newcomers like Taiwan-based iPhone maker Foxconn and China's Huawei Technologies are maneuvering to gain an edge in the electric vehicle sector, prompting automakers like Japan's Nissan and Honda to announce plans to join forces against a flood of ambitious competitors.
CAN AI HELP HUMANS UNDERSTAND ANIMALS AND RECONNECT WITH NATURE? A NONPROFIT RESEARCH LAB THINKS SO
Peeps trickle out of a soundproof chamber as its door opens. Female zebra finches are chattering away inside the microphone-lined box. The laboratory room sounds like a chorus of squeaky toys.
AMAZON IS ENDING ITS 'TRY BEFORE YOU BUY' OPTION FOR PRIME MEMBERS
Amazon is saying goodbye to “Try Before You Buy.”
TAIWANESE CHIPMAKER TSMC POSTS 57% SURGE IN PROFIT THANKS TO THE AI BOOM
Taiwan computer chip maker TSMC reported Thursday that its profit in the last quarter rose 57%, buoyed by the artificial intelligence boom.
HERE'S WHAT YOU NEED TO KNOW ABOUT CREDIT CARD DEFAULTS
Credit card defaults are on the rise for Americans, reaching the highest level in 14 years. U.S. credit card defaults jumped to a record $46 billion from January through September 2024, according to the Financial Times, citing data analyzed by BankRegData.
