Intel CEO complains 'this is taking too long' after investing $30B but receiving zero CHIPS Act funding

Pat Gelsinger has expressed frustration with how slow the U.S. CHIPS and Science Act is working. The Intel CEO was speaking in an interview with the executive editor of Yahoo! Finance, Brian Sozzi. Since President Joe Biden enacted the law, Intel has invested over $30 billion in its U.S.-based manufacturing facilities while receiving zero from the American government.

"We see the CHIPS Act as a critical thing that we have invested a lot of energy to," said Gelsinger. "As we said on our [earnings] call, we are disappointed by the time it is taking to get it done: it is well over two years since the CHIPS Act passed and over that period I have invested $30 billion in U.S. manufacturing and we have seen $0 from the CHIPS grants. This is taking too long, we need to get it finished."

Indeed, since the enablement of the CHIPS and Science law, Intel has started to package chips at its advanced packaging facility in New Mexico and began to construct new fabs in Arizona and Ohio. Due to lower-than-expected demand for CPUs and a very slow start of Intel Foundry as a contract chipmaker, Intel had to delay the Ohio campus launch by a couple of years, but the company did invest a lot in its facilities in the U.S. It should of course be mentioned that Intel has already received $3 billion in Secure Enclave funding for military chips.

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