WASHINGTON (Reuters) -President Joe Biden and Commerce Secretary Gina Raimondo plan next week in Arizona to unveil a multi-billion-dollar award for Intel Corp to expand its chip production in the United States, two people familiar with the matter said on Thursday.
Intel, which has chip production facilities in Arizona, has invited customers and suppliers to attend the event as well, one of the people familiar with the matter said.
Intel did not immediately respond to a request for comment.
The U.S. has been vying to increase domestic semiconductor production through the U.S. CHIPS Act, which was passed in 2022 and provides $52.7 billion in funding, including $39 billion in subsidies for semiconductor production and $11 billion for R&D.
(Reporting by Alexander Alper, David Shepardson and Jeff Mason; Editing by Leslie Adler)