Intel said it would spend the money on fabs and research centres in Arizona, Ohio, New Mexico and Oregon.

The Ohio fab will cost more than $20 billion and Intel said it is expected to start production in 2027 or 2028

In addition to the award and the loans, Intel benefits from a 25% investment tax credit from the government.

Intel has announced plans to spend over $100 billion in the USA over the next five years to expand its manufacturing and research capabilities.