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Intel will obtain $8.5 billion in direct funding and $11 billion in loans from the US authorities to increase its capability to make high-end chips because it seeks to reinvent itself as a nationwide champion within the sector and compete with the likes of Taiwan’s TSMC and South Korea’s Samsung.
US President Joe Biden will journey to Intel’s website in Chandler, Arizona, on Wednesday to announce the bundle, which can go towards constructing new services for the corporate within the south-western state, in addition to in Ohio, New Mexico and Oregon.
Biden’s intervention in Arizona—one in all a handful of swing states that can determine the US presidential election pitting him towards Donald Trump—comes because the Democratic president is making an attempt to spice up his languishing approval rankings on the economic system.
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