Biden administration announces $162 million to expand computer chip factories in Colorado and Oregon

The Biden administration is providing $162 million to Microchip Technology to support the domestic production of computer chips. It's the second funding announcement tied to a 2022 law designed to revive U.S. semiconductor manufacturing. The incentives include $90 million to improve a plant in Colorado Springs, Colorado, and $72 million to expand a factory in Gresham, Oregon. The investments would enable Microchip Technology to triple its domestic production and reduce its dependence on foreign factories.