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Biden administration announces $750 million investment in North Carolina chipmaker Wolfspeed
Money will go to the chipmaker's new silicon carbide factory in North Carolina and factory in Marcy, New York.
Trump narrowly won North Carolina during the 2020 presidential election and has talked about bringing back the state's furniture manufacturing sector. The Biden-Harris administration's argument is that the government support encourages additional private investments, a case that appears to apply to Wolfspeed. Wolfspeed CEO Gregg Lowe told The Associated Press that the United States currently produces 70% of the world's silicon carbide — and that the investments will help the country preserve its lead as China ramps up efforts in the sector.
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