Topline: President Joe Biden’s goal of creating jobs in semiconductor manufacturing is not going as planned.
Technology giant Intel announced that it will be laying off 15,000 workers, even though the company received an $8.5 billion grant from the federal government in March to hire American employees.
Key facts: The CHIPS Act of 2022 provided $39 billion in direct subsidies to tech companies to boost the U.S. chip manufacturing industry. Intel was the biggest beneficiary, and it also got an $11 billion loan meant to support factories in Oregon, Arizona, Ohio and New Mexico.
“Our revenues have not grown as expected – and we’ve yet to fully benefit from powerful trends, like AI. Our costs are too high, our margins are too low,” Intel CEO Patrick Gelsinger said in a press release. […]
— Read More: www.wnd.com
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