Biden administration providing $1.5B to produce computer chips in NY, Vermont ...Middle East

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Biden administration providing $1.5B to produce computer chips in NY, Vermont
source : The Hill ( Middle East ) () 85
The Biden administration on Monday announced a preliminary agreement to provide $1.5 billion in funding through the CHIPS and Science Act to a New York-based company in an effort to bolster domestic production of semiconductor chips. The Commerce Department said it signed a non-binding preliminary memorandum of terms with GlobalFoundries to give funding through the bipartisan legislation signed into law in 2022. The money would be used for a new facility, expansion of production capacity and the modernization of GlobalFoundries' semiconductor manufacturing sites in New York and Vermont. The company produces chips that are used for blind spot detection and collision warnings in cars

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