"U.S. Allocates Billions to GlobalFoundries for Domestic Chip Production"
TL;DR Summary
The Biden administration has awarded a $1.5 billion grant to chipmaker GlobalFoundries as part of a government program aimed at revitalizing semiconductor manufacturing in the United States. An additional $1.6 billion in federal loans will also be made available to bolster the company, with the funding expected to triple its production capacity in New York over the next decade. This move reflects efforts to reduce America's reliance on foreign sources of chips and address supply chain vulnerabilities, particularly in the auto and defense industries.
Topics:business#biden-administration#chip-production#economy#globalfoundries#semiconductor-manufacturing#us-economy
- U.S. Awards $1.5 Billion to Chipmaker GlobalFoundries The New York Times
- Billions Start Flowing to Chip Makers for New U.S. Factories The Wall Street Journal
- GlobalFoundries wins $3.1 billion in CHIPS Act subsidies for Upstate NY, Vermont expansion syracuse.com
- US awards $1.5 bln to GlobalFoundries for domestic semiconductor production Reuters
- U.S. to give $1.5 billion for computer-chip plant, heating up global race The Washington Post
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