On Monday, U.S. Commerce Secretary Gina Raimondo said the recently proposed $52 billion government grant for semiconductor production and research could result in 7 to 10 new chip factories in the U.S. once the project is completed.
According to Raimondo, she estimated that the government funds would generate “150 billion-plus” in investments in chip production with states, federal and private firms taking active parts.
There will be a transparent process for allocating funds to states competing for federal funds for chip plants.
She said, “We just need the federal money … to unlock private capital. It could be seven, could be eight, could be nine, could be 10 new factories in America by the time we’re done.
For more information, read the original story in Reuters.