The ambitious expansion will reportedly take the form of a new chip manufacturing facility, a packaging site and a research and development space. It’ll all be located in or near Taylor, Texas, as that’s where the pre-existing semiconductor facility was built. The current manufacturing hub isn’t operational yet, but will begin building “crucial logic chips” later this year. For the geographically challenged, Taylor is around a 40 minute drive from Austin.
If this actually happens, it’ll be a huge win for the Biden administration. One of the main goals of the CHIPS Act, after all, is to lure global chipmakers to build on US soil. To that end, Washington plans on awarding more than $6 billion to Samsung as further incentive to keep things running in the good ole USA.
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The CHIPS Act has allowed the federal government to award funding and offer loans to many tech companies to encourage domestic spending. Back in February, the multinational semiconductor company GlobalFoundries received a grant of $1.5 billion to help pay for a major US expansion, in addition to a $1.6 billion loan. It plans on building a new fabrication facility in Malta, New York, which will handle the manufacture of chips for the automotive, aerospace, defense and AI industries.
More recently, Intel received the largest CHIPS grant to date, snagging up to $8.5 billion to continue various US-based operations. The current plan is for Intel to use that money to manufacture plants that make leading-edge semiconductor chips meant for use in AI and other advanced applications. The company’s building two new fabrication facilities in Arizona and two in Ohio. Additionally, it’s going to use the money to modernize two pre-existing fabs in New Mexico and expand one location in Oregon. All told, Intel is going to invest $100 billion in US-based chip manufacturing. The various projects are expected to create 20,000 construction and 10,000 manufacturing jobs.
The Biden administration signed the CHIPS and Science Act into law back in 2022 to foster domestic semiconductor research and manufacturing and to lessen America’s reliance on Chinese suppliers. It sets aside $52 billion in tax credits and funding for firms to expand stateside production.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
