"Biden Administration Allocates $1.5 Billion for GlobalFoundries Chip Plant Expansion"

The Biden administration will provide $1.5 billion to aid in the construction of a new computer-chip factory in New York as part of the Chips and Science Act, aiming to bolster U.S. semiconductor production. The grant will assist GlobalFoundries in building a large-scale fabrication facility and upgrading existing plants, addressing concerns over the nation's reliance on foreign chip manufacturers. The move comes amid global chip shortages and heightened competition, with the U.S. seeking to regain leadership in semiconductor manufacturing and secure its supply chain for critical electronics.