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President Biden announces $8.5 billion investment agreement with Intel

PHOENIX, Ariz. (KYMA, KECY/NBC) - On Wednesday, the Biden administration announced a new $8.5 billion investment agreement with Intel under the CHIPS and Science Act.

The president touted the agreement while in Arizona on Wednesday. It's one of four states where new computer chip plants will be built under the agreement along with Ohio, New Mexico and Oregon.

The investment, which is the fourth and largest so far under the CHIPS Law, will create nearly 30,000 jobs, and help enable Intel to make $100 billion in capital investments over five years.

"Nearly all manufacturing of leading edge chips across the entire industry moved overseas to Asia years ago. That's why today's investment is such a big deal. We will enable advanced semiconductor manufacturing to make a comeback here in America after 40 years."

President Joe Biden

The president arrived on Tuesday following his stops in Reno and Las Vegas, where he participated in a campaign event to officially launch an organizing initiative called "Latinos con Biden-Harris."

To watch the livestream of his announcement, see attached video.

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