Intel lands up to $8.5 billion in CHIPS Act funding, including for Ohio

Intel Corporation announced it will receive up to $8.5 billion in direct funding through the CHIPS and Science Act, including for the company’s new semiconductor factories in Ohio. 

Overseen by the U.S. Department of Commerce, the CHIPS Act funding aims to increase U.S. semiconductor manufacturing and R&D capabilities. 

“Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor innovation,” Intel CEO Pat Gelsinger said in a press release. “AI is supercharging the digital revolution and everything digital needs semiconductors. CHIPS Act support will help to ensure that Intel and the U.S. stay at the forefront of the AI era as we build a resilient and sustainable semiconductor supply chain to power our nation’s future.” 

The funding also supports Intel’s semiconductor projects in Arizona, New Mexico and Oregon. Intel is spending $100 billion over five years to expand U.S. chipmaking capacity. 

Emerging tech hubs have been growing as new hubs for chip manufacturing, and Intel has already committed $28 billion in New Albany. Dubbed Ohio One, this Intel campus is expected to create 3,000 full-time jobs and support tens of thousands of jobs with suppliers and partners. Intel says its supplier footprint has grown from about 150 Ohio suppliers when the project was announced to more than 350 suppliers across 47 counties. The project is expected to be completed in 2026. 

Intel and the U.S. Department of Commerce tout the funding as an investment in America’s technology future. 

Intel also expects to benefit from a federal Investment Tax Credit of up to 25% on more than $100 billion in qualified investments and eligibility for federal loans up to $11 billion.