Biden Admin Announces Potential $1.5 Billion Deal With US Semiconductor Manufacturer

To help bolster semiconductor manufacturing capacity in the United States, chipmaker GlobalFoundries could soon get a $1.5 billion grant.

President Joe Biden speaks about his Investing in America and Bipartisan Infrastructure plans at Earth Rider Brewery in Superior, Wis., on Jan. 25, 2024. Saul Loeb/AFP via Getty Images

A New York City microchip manufacturer could soon receive a $1.5 billion grant from the Biden administration to help bolster semiconductor manufacturing capacity in the United States, the White House has announced.

The agreement with one of the world’s leading semiconductor manufacturers, GlobalFoundries, is a nonbinding preliminary memorandum of terms under the CHIPS and Science Act, according to a Feb. 19 press release from the National Institute of Standards and Technology.