Biden Administration Invests $1.5 Billion in Semiconductor Production

The funding under the CHIPS and Science Act aims to strengthen domestic supply chains and create thousands of jobs.

• The Biden-Harris Administration announced a $1.5 billion funding agreement with GlobalFoundries under the CHIPS and Science Act to boost domestic semiconductor production.
• The funding aims to support the construction of a new facility and the expansion and modernization of GlobalFoundries' manufacturing sites in New York and Vermont.
• The investment is expected to create approximately 10,500 construction and manufacturing jobs over the next decade.
• GlobalFoundries' chips are crucial for a wide range of applications, including automotive, communications, and defense industries.
• The CHIPS and Science Act aims to strengthen U.S. supply chains, create jobs, and enhance national security by increasing domestic semiconductor production.

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