President Biden is expected to announce a multi-billion dollar CHIPS & Science Act award for the major chip manufacturer Intel while visiting its campus Thursday in Chandler, Ariz. — just outside Phoenix.
Intel will receive nearly $20 billion in grants and loans the administration may provide for the semiconductor company to expand operations in Arizona, Ohio, New Mexico and Oregon, and the company is aiming for an additional $25 billion in tax breaks.
In all, Intel plans to spend some $100 billion on the projects.
Biden has highlighted silicon chips in terms of pride as a historic American innovation. Increased domestic production of semiconductors is also seen as an important national security issue.
The president is scheduled to speak at 2:45 p.m. EDT.
Watch the live video above.