US President Joe Biden speaks at a meeting of the National Infrastructure Advisory Council, in the Indian Treaty Room of the White House in Washington, DC, on December 13, 2023.

Jim Watson | AFP | Getty Images

The Biden administration is expected to award billions of dollars in subsidies to Intel, Taiwan Semiconductor Manufacturing Co., and other top semiconductor companies in the coming weeks to help build new factories, The Wall Street Journal reported on Saturday.

The forthcoming announcements are aimed at kick-starting manufacturing of advanced semiconductors that power smartphones, artificial intelligence and weapons systems, the WSJ reported, citing industry executives familiar with the negotiations.

This is breaking news. Please check back for updates.

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