The Biden administration awarded Intel (INTC) $8.5 billion in US grants earlier this week as part of the CHIPS and Science Act. The chip company will utilize the funds to build out its proposed domestic semiconductor plants in the US.
Intel CEO Pat Gelsinger sits down with Yahoo Finance Executive Editor Brian Sozzi to discuss his meeting with President Biden and key cabinet members, and Intel's newfound ability to "become [more] economic" about its production and manufacturing scale coming out of the pandemic.
"Yes, indeed, it is a time to build more resilient, sustainable, and trusted supply chains for the digital future of the nation that is being supercharged by the AI era that we're in. Now it's time to make these moves, and this is a moment that I think really will be defining in that transitioning of the supply chains of the nation, as well as for intel," Gelsinger says. "We're doing what we said we would."
Gelsinger also comments on the increasing competition from semiconductor producers in Asia as the Biden administration's investments in capacity is expected to boost Intel's own market share.
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