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

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 /zigman2/quotes/203649727/composite INTC -1.51% 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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Intel Corp.

US : U.S.: Nasdaq

$ 31.34

-0.48 -1.51%

Volume: 40.23M

June 9, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

1.60%

Market Cap

$130.72 billion

Rev. per Employee

$427,718