Chips are being produced in the US rather than China and Japan, according to Joe Biden

President Joe Biden highlighted two significant investments by these firms in the nation, saying that the global chip manufacturing industry has chosen the United States over nations like China and Japan to build up their operations.

Tens of billions of dollars are being invested by China, Japan, South Korea, and the European Union to entice chip manufacturing to their nations. However, Biden added at the opening of the Intel Groundbreaking Site in New Albany, Ohio on Friday, "business leaders are picking us, the United States, because they understand America is back and America is leading the way."

In his speech to commemorate the groundbreaking of Intel's new semiconductor production facility, he declared that the company will create a workforce of the future right here in Ohio.

The chip was created in America, he claimed. It was created in America. It provided the moon mission's energy. By lowering the cost of producing these chips, federal assistance helped establish a market and an entire industry. The president claimed that as a result, more than 30 years ago, America accounted for more than 30% of the world's chip output.

Then, something took place. The foundation of our economy, American manufacturing, was hollowed out. Jobs were outsourced by businesses, particularly from the industrial Midwest. Despite being leaders in chip research and design, we are now only manufacturing 10% of the world's chips, he claimed. And as we saw during the coronavirus outbreak, when the factories that create these chips close, the global economy is put on hold, raising prices for families and everyone not just here but everywhere else.

According to him, a lack of the semiconductors required to make the necessary autos resulted in an increase in the price of automobiles that accounted for one third of core inflation last year.

These chips ought to be produced in the nation, according to Biden. People, we need to produce these chips right here in the United States to lower living expenses and provide quality employment. Don't believe anything I say. Pay attention to the nation's corporate leaders. He claimed that they are currently choosing where to invest and build these chips.

According to the president, the US economy has added more than 668,000 manufacturing jobs and approximately 10 million new employment since he took office. We are moving forward more quickly as a result of the CHIP and Science Act, which I signed into law. He noted that this new law provides corporations with historic investments to establish sophisticated manufacturing plants in America.

The American corporation Micron declared that it would spend USD 40 billion over the following ten years to create factories for a unique type of memory chip that stores data on cellphones. According to him, this will result in the creation of 40,000 high-paying jobs and a 500% rise in American market share for memory chips.

GlobalFoundries and Qualcomm, two other businesses, announced a USD 4 billion deal to manufacture chips in the United States that would have otherwise been manufactured abroad.

According to him, Qualcomm, one of the biggest chip designers in the world, intends to increase manufacturing by up to 50% over the next five years. Wolfspeed is investing USD 5 billion today in North Carolina to produce chip devices for electric vehicles that will add 1,800 well-paying jobs over a five-year period.

People, the chip business will be manufactured in America in the future. People at home should be aware that the production of these semiconductors links numerous small manufacturers and enterprises to a supply chain that will flourish as a result of this law, Biden continued.