U.S. Commerce Department Commits $50 Million to HP for Semiconductor Tech Expansion

The U.S. Commerce Department announced a $50 million funding to HP for expanding its Oregon facility, focusing on semiconductor technologies vital for life sciences and AI applications. This initiative is part of Congress's $39 billion subsidy program for semiconductor manufacturing, aimed at strengthening the U.S. technology sector.

The U.S. Commerce Department has unveiled plans to allocate $50 million to HP for the expansion and modernization of its facility in Oregon, aimed at boosting semiconductor technologies. This strategic move is pivotal for advancements in life sciences instrumentation and AI hardware.

The funding initiative is part of a broader $39 billion subsidy program approved by Congress in August 2022, which also includes $75 billion in government lending authority and a 25% investment tax credit estimated to be worth $24 billion. HP's project will center on its microfluidics and microelectromechanical systems.

According to Commerce Secretary Gina Raimondo, this funding underscores the importance of semiconductor technology in drug discovery and critical life science equipment. The investment will enhance collaborations with major institutions such as Harvard Medical School and CDC. The Commerce Department has also awarded significant grants to other tech giants including Intel, Samsung, and TSMC.

(With inputs from agencies.)