The White House revealed on Wednesday a package worth nearly $20 billion in grants and loans to support Intel in semiconductor production, marking the largest contribution from President Joe Biden's administration aimed at countering China's dominance in this sector. The White House stated in a release, "The Department of Commerce has reached a preliminary agreement with Intel to provide $8.5 billion in direct funding, in addition to $11 billion in loans," explaining that these amounts "will help create approximately 30,000 new jobs."
White House Supports Intel with $20 Billion
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