Intel, Brookfield to invest up to $30 billion in Arizona chip factories

Intel Corp and Canada’s Brookfield Asset Management on Tuesday agreed to jointly fund up to $30 billion for the U.S. chipmaker’s leading-edge chip factories in Arizona.

The move comes after U.S. President Joe Biden earlier this month signed the CHIPS and Science Act into law, which included provision of $52.7 billion in subsidies for U.S. semiconductor production and research.

Brookfield’s infrastructure affiliate will invest up to $15 billion for a 49% stake in the expansion project, while Intel will retain majority ownership and operating control of the two chip factories meant to make advanced chips in Chandler, Arizona.