The Biden administration is taking steps to boost semiconductor manufacturing within the United States by tentatively offering Intel (NASDAQ:INTC) up to $8.5 billion in funding via the CHIPS Act. Additionally, Intel is poised to receive up to $11 billion in loans under the 2022 CHIPS and Science Act.

President Joe Biden is expected to formally reveal this arrangement during an event in Arizona on Wednesday. This initiative, aiming to enhance the domestic creation of sophisticated semiconductors, has been highlighted by U.S. Commerce Secretary Gina Raimondo as vital for maintaining America’s leadership in technological innovation. Intel’s stock saw an over 3% increase in pre-market trading today following the announcement.

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