Intel CEO Pat Gelsinger expresses enthusiasm for receiving federal grants aimed at revitalizing chip production in the United States. These grants, totaling billions of dollars under the CHIPS and Science Act, mark a significant investment in technology critical for the nation's economy and security. Gelsinger emphasizes that Intel is on a mission to regain its leadership position in the industry.

The Biden-Harris administration's announcement includes providing Intel with up to $8.5 billion in funding and $11 billion in federal loans. These funds will support Intel's initiatives in artificial intelligence (A.I.), relocating semiconductor manufacturing from Asia to the U.S., and enhancing operations in Israel. Gelsinger highlights the scope of these projects, underscoring their importance despite their focus on small-scale components.

While Gelsinger acknowledges the time required to expand domestic supply chains, particularly in states like Arizona, New Mexico, Oregon, and Ohio, he emphasizes that doing so aligns with both economic and national security objectives.

During an interview with FOX Business’ Liz Claman, Intel CEO Pat Gelsinger reflected on the prolonged shift of semiconductor supply chains to Asia over the past three decades. While expressing enthusiasm for the CHIPS Act, he emphasized that restoring these supply chains will require three to four years of concerted effort. Gelsinger acknowledged the significant challenge ahead, noting that rebuilding will be a gradual process.

Gelsinger outlined Intel's ambitious goal of achieving a balanced distribution of supply chains between the U.S. and Europe, aiming to reach 50% by the end of the decade. He stressed the importance of establishing resilient, sustainable, and trustworthy supply chains for the future. Looking ahead to 2030 and beyond, Gelsinger expressed confidence that the industry will have been rebuilt, with the most advanced chips and A.I. capabilities located in America.

While Intel has traditionally excelled in producing products for PCs, networking, computer components, and cell phones, the company's focus has shifted towards A.I. chips, which Gelsinger referred to as the "supercharger" of the tech sector. He emphasized Intel's commitment to developing cutting-edge A.I. technology, not only for its own chips but also for other industry players. Gelsinger highlighted Intel's plans to leverage advanced facilities across the nation to achieve these objectives.