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Biden presses Congress to pass chips funding as he hails Intel's plan for new site

MarketWatch
MarketWatch
 2022-01-21
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By Marketwatch
MARKET PULSE

President Joe Biden on Friday pressed lawmakers to pass what's known as the CHIPS Act, which would provide $52 billion to boost U.S. semiconductor production. Speaking at the White House alongside Intel (intc) CEO Pat Gelsinger, Biden hailed the company's plans to invest more than $20 billion to build the world’s largest chip-manufacturing site in Ohio . Biden, however, said the U.S. produces barely 10% of computer chips and that Friday's announcement is "just the beginning."

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