Biden-Harris Administration Fuels U.S. Semiconductor Growth with Major Investment in Wolfspeed

The Biden-Harris administration is investing up to $750 million in Wolfspeed to boost its silicon carbide factories, creating 2,000 jobs. This investment aims to cement U.S. leadership in advanced technologies and support the country's competitiveness with China. Additional private investments and tax credits will bolster the initiative.

The Biden-Harris administration has unveiled plans to invest up to $750 million in Wolfspeed to support its new silicon carbide factory in North Carolina and another facility in New York. This funding aims to enhance the efficiency of computer chips used in advanced technologies and electric vehicles.

With an estimated 2,000 jobs to be created, the investment forms part of a larger $6 billion expansion. Wolfspeed's technology is central to the innovations that define the 21st century, including artificial intelligence and clean energy, reinforcing U.S. manufacturing, according to Commerce Secretary Gina Raimondo.

The Wolfspeed expansion has significance beyond technology and jobs, impacting the electoral landscape as well. Located in a swing state, the new facility is seen as a testament to the administration's strategy of using government support to drive private investments, aiming to outcompete international rivals like China.

(With inputs from agencies.)