Biden To Announce USD$20b Intel Investment In Swing State Arizona

14:45 ET 18:45 GMT: President Joe Biden will announce a USD$20 billion of package of grants and loans to chipmaker Intel for semiconductor manufacturing in Arizona. LIVESTREAM

• The funds, which will be allocated from the CHIPS and Science Act pot, will be a major boost for Biden who has touted an investment boom in states like Arizona ahead of the presidential election in November.
• Axios notes: “Biden is heading into the 2024 election with a massive cash advantage over former President Trump. He also has the power of the presidency — and billions of dollars in federal funds to release in crucial states.”
• A poll released today by Emerson College Polling/KLAS-TV/The Hill found that, "Trump leads by four points, with 48 percent to Biden’s 44 percent, and another eight percent undecided," in Arizona.
• Today’s announcement is likely to be the largest investment from CHIPS, and one which is central to Commerce Secretary Gina Raimondo’s goal of producing 20% of the world’s leading-edge chips by the end of the decade. Reminder: The US is currently producing 0%.
• Raimondo said in a statement: “With this agreement, we are helping to incentivize over $100 billion in investments from Intel – marking one of the largest investments ever in U.S. semiconductor manufacturing, which will create over 30,000 good-paying jobs and ignite the next generation of innovation.”