Biden Admin Announces Potential $1.5 Billion Deal With US Semiconductor Manufacturer

A New York City microchip manufacturer could soon receive a $1.5 billion grant from the Biden administration to help bolster semiconductor manufacturing capacity in the United States, the White House has announced.

The agreement with one of the world’s leading semiconductor manufacturers, GlobalFoundries, is a nonbinding preliminary memorandum of terms under the CHIPS and Science Act, according to a Feb. 19 press release from the National Institute of Standards and Technology.

Signed into law by President Joe Biden in 2022, the CHIPS and Science Act authorizes about $280 billion in new funding to boost domestic research and manufacturing of semiconductors across the wider United States.

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