Politics

Joe Biden Gives $504 Million to Tech Investment Hubs Across United States

President Joe Biden’s administration is reportedly giving $504 million in funding to twelve technology hubs in an effort to expand research in AI, semiconductor manufacturing, and clean energy.

The funding is going to tech hubs located in New York, Florida, and South Carolina, as well as in the swing state of Nevada, according to a report by Bloomberg.

Florida researchers focusing on sustainable and climate-resilient infrastructure will reportedly receive $19 million, while a New York hub working on semiconductor manufacturing will be given $40 million.

Hubs in Illinois and Indiana focused on biomanufacturing, as well as engineers in Oklahoma working on autonomous systems that involve AI-powered drones will each receive $51 million. These reportedly come to a total of five centers.

A Nevada recipient focused on lithium batteries and electric-vehicle materials, meanwhile, will reportedly be granted $21 million.

“There are smart people, great entrepreneurs and leading-edge research institutions all across the country, and we’re leaving so much potential on the table if we don’t get them the resources to compete and win,” Commerce Secretary Gina Raimondo said.

The grants, announced on Tuesday, are reportedly part of Biden’s Chips Inflation Reduction Act and CHIPS & Science Act Resources.

“Lawmakers originally authorized $10 billion for the tech-hub initiative over five years, but they’ve only appropriated $541 million of that in the last two years,” Bloomberg reported, adding, “The grants announced Tuesday eat up most of the available funding.”

Notably, the program was announced at a time when many across the U.S. see Biden as having failed with regards to the economy and inflation.

Meanwhile, Biden is fighting to stay in the White House following his disastrous performance at last week’s debate against his opponent, former President Donald Trump, while the November presidential election looms.

You can follow Alana Mastrangelo on Facebook and X at @ARmastrangelo, and on Instagram.



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