Good afternoon! I’m so excited to be here. This is a big day and we owe so much of it to Leader Schumer, who was the driving force behind the CHIPS and Science Act. Thank you to your leader, Tom Caulfield. Thank you to Governor Hochul, who has been a steadfast ally; Representative Tonko, who has been an advocate for New York; and Lael Brainard, who is joining us from the White House. And finally – I would especially like to recognize the GlobalFoundries employees here today. Thank you for joining us to celebrate this announcement.

President Biden cares deeply about rebuilding American manufacturing. We want to make advanced semiconductors right here in the United States of America, right here in Malta, New York. And that's why the President put his back behind the CHIPS and Science Act.

This once-in-a-generation, $50 billion investment will address our chip shortage head-on, bolster our national and economic security, and secure our position as the global leader in R&D, innovation, and manufacturing for decades to come.

With these critical investments, we are ushering in a new era of American manufacturing. America invented semiconductors. Silicon Valley is called Silicon Valley because we invented the semiconductor industry. We once led the world in manufacturing chips, but we watched it leave our shores over a period of decades.

Now, we’re coming back. Today we’re announcing a preliminary memorandum of terms with GlobalFoundries for $1.5 billion in direct CHIPS funding – the largest announcement to date. Through this proposed investment, GlobalFoundries would be able to support a new state-of-the-art facility, significant capacity expansion, and facility modernization at their manufacturing sites in New York and Vermont, all while creating over 10,000 construction and manufacturing jobs over the next decade. Their new state-of-the-art Fab will be the first new foundry built to support current and mature technologies in decades, securing a stable, resilient supply of chips for the U.S. auto and defense industries.

This proposed investment would also allow GlobalFoundries to bring the manufacturing of its 22FDX chips to the U.S. for the first time ever. 22FDX chips are used in everything from auto safety systems to smart mobile devices, and their durability makes them especially important for satellites and other critical defense uses. By making 22FDX chips here, the Department of Defense will have access to GlobalFoundries’ advanced 22 nanometer technology, which hasn’t been possible until now. The DOD would have a steady, secure, domestic supply of these important chips coming from our shores, made by YOU in this room today.

The CHIPS and Science Act is protecting our economic and national security – and YOU are a part of that story. This is only our third CHIPS announcement, with more to come. With this announcement, we’re sending a clear signal to the world that we are serious about bolstering our economic and national security, rebuilding America’s manufacturing industry, and leading the world in technology and innovation. Thank you.