Chandler, AZ…Hello, hello, hello. (Applause.) By the way, your dad is right about unions. (Laughter.) Your dad is right: Unions built the middle class. Wall Street didn’t. Unions built the middle class. (Applause.) So, thanks, Tilden, for that introduction and — a union sheet metal worker, a proud member of the Navajo Nation. You’re going to be building the future here in Arizona, and Arizona is building the future.

Thank you, Governor Hobbs — she had to leave but welcomed me to the state — and for your partnership all across the board.

And thank you, Representative Stanton, for your dedication to the people of the 4th District and for the passport, anyway — (laughs) — getting in. (Laughter.)

While we [he] couldn’t be here today because of votes in Washington, I want to thank Senator Mark Kelly, who’s doing an incredible job and the real champion from the announcement that we make here today. (Applause.)

And Mayor — Mayor Kate — where — where’s Kate?

AUDIENCE MEMBER: Over here.

THE PRESIDENT: Thank you, Kate. You’re an incredible mayor. You’re doing a great job.

And Mayor [of] Chandler, Hartke, and — (applause) — I guess I’m technically in your city, right?

MAYOR HARTKE: Yes, sir.

THE PRESIDENT: All right. I’ll behave, I’ll behave. (Laughter.)

We’re also joined by one of the brightest women I’ve — man or woman I’ve ever known: Gina Raimondo, our Secretary of Commerce. (Applause.) And I’m not joking about that.

And Pat Gelsinger, CEO of Intel; Aaron Butler, President of Arizona Building Trades — what a combo, man — (applause); and other union leaders that are here today, thank you for your partnership and showing how we get big things done in America and we can do it again — again and again and again.

I’ve asked Pat and many other business leaders this question, and I mean it sincerely. I met with the Business Roundtable — please have a seat, by the way. You’re all standing. (Laughter.) I’m sorry, I didn’t realize you were still standing. (Laughter.) I apologize.

I asked the question at the Business Roundtable, the biggest leaders of business in the — in the world, in the United States particularly. I asked them: When the United States decides to invest considerable resources in a new industry that we need to build, does that encourage business or does it discourage it? And the answer is, overwhelmingly, encourage it — overwhelmingly.

Folks, during the pandemic, we had to learn about supply chains and the shortage of semiconductors — those tiny computer chips you all out here know very well, smaller than a tip of your finger, that power everything from the lives of your cell phones, cars, dishwashers, satellites, weapons systems.

America invented these chips. Don’t forget that. We invented these chips. And over time — (applause) — some thought it was cheaper to send the manufacturing overseas because labor was cheaper. As a result, when the pandemic shut down chips factories overseas, the prices of everything went up — the first time Americans began to realize just how important they were.

Unlike my predecessor, I was determined to turn things around, to invest in America — in all America and all Americans. And that’s what we’re — been doing. (Applause.)

In January of 2022, Pat came to the White House, where we announced the historic investment to build a state-of-the-art semiconductor factory in Ohio — factories in Ohio. We were joined then by Sherrod Brown, the Ohio senator, who talked about why it’s time to bury the phrase “Rust Belt.” And Pat said, at the time, we should start calling it the “Silicon Heartland.” And it is becoming that.

By March of this year — Pat was my guest at the State of the Union, where I — we talked about a hundred thou- — the thousand acres outside of Columbus where semiconductor manufacturing facility and fabs were being built, which I referred to at the time as the “field of dreams.” And, boy, it’s turning out to meet people’s dreams out there.

In August, Senator Kelly and Sherrod Brown got the CHIPS and Science Act to my desk. It was one of the most significant science and technology investments in our history.

By September, I joined Pat in Ohio and — to break ground for the new factory — within nine months — we’re just getting — and — and we’re just getting started.

Since the- — my CHIPS and Science Act led to partnership with companies, investing billions and billions of dollars across the country, bringing semiconductor manufacturing back to America — jobs of the future back to America, including here in Arizona, with the significant help of Mark Kelly.

He — I tell you what, I’m so glad this is happening. (Applause.) Those phone calls every 20 minutes were getting old. (Laughter.) I tell you, he is committed. (Laughter.)

In December 2022, I came to Phoenix, where I joined so many of you, as well as the CEO of Apple, Tim Cook, to talk about the historic investments that the CHIPS and Science Act was delivering to make chips here in Phoenix.

Today, Pat is building here on an- — on another field of dreams. And I’m thrilled to announce the latest public-private partnership and one of the largest investments in semiconductors in the United States ever: the landmark — a new landmark agreement under the CHIPS and Science Act between my administration and Intel for up to $8.5 billion. It’s a smart investment. (Applause.)

And that’s being paired with over $100 billion from Intel, including $30 billion in Arizona and $30 billion in Ohio. It’s among the largest private-sector investments ever in the history of Ohio and in Arizona. (Applause.)

And this historic funding will be used to build new semiconductor fab facilities and modernize — modernize and expand existing ones in Arizona, Ohio, New Mexico, and Oregon. Combined, it will create nearly 20,000 — 20,000 construction jobs, many of which will be union jobs.

And I’ve made it real clear — (applause) — I make no bones — made (inaudible) everybody has a right to organize, man, to have their labor rights protected. (Applause.)

But, look, this announcement will also support 10,000 manufacturing jobs, 3,000 right here in Phoenix, with salaries averaging over $100,000 a year and don’t all require college degrees. That’s a change. (Applause.)

For the first time in a long time, many of these facilities won’t just manufacture regular semiconductors. They’re going to once again begin to make the most sophisticated, advanced, and powerful leading-edge chips.

Each chip has — this is a — this is something that blows my mind — has trillions of — trillions of tiny features the width of a strand of human DNA, 4- — 40,000 times thinner than a single human hair. They require manufacturing precision down to the size of a single atom.

The processes is enormous — requires enormous amounts of information and lighting — with lightning speed, they’ll produce. And they — and they’re critical to emerging technologies. They’re going to power the future economy, like artificial intelligence, quantum computing, 6G communications. And it’ll take everything — make everything faster, lighter, smaller, and more reliable.

Folks, it’s about time. Even though we invented the most advanced chips, we make zero percent of them today — zero percent of the most advanced chips today. Nearly all manufacturing of leading-edge chips across the entire industry moved overseas to Asia years ago.

That’s why today’s investment is such a big deal. We will enable advanced semiconductor manufacturing to make a comeback here in America after 40 years. (Applause.)

It’s going to transform the semiconductor industry and create an entirely new ecosystems, entirely new research and design, and manufacturing of advanced chips in America.

And, by the way, parenthetically, I’d say, “We’re going to become the manufacturing capital of the world again.” People looked at me like I was a nut. Where the hell is it written saying we’re not going to be the manufacturing capital of the world again? We’ve already created 825,000 new manufacturing jobs, and you’re just getting it started. (Applause.)

There’s not a damn thing America can’t do if we set our mind to it.

It’s going to put us on track to manufacture 20 percent of the leading ch- — world’s leading-edge chips by the end of the decade.

And right here in the United States, Intel has committed to net-zero greenhouse gasses — gas emissions by 2040 and using 100 percent renewable electricity to power these fabs.

And there’s more, because this isn’t just about investing in America. It’s about investing in Amer- — the American people as well. That’s why we’re dedicating $50 million of CHIPS funding to partner with Intel and community stakeholders — like community colleges, state and local governments, labor unions, and universities — to train a new generation of workers for the semiconductor industry. That way people don’t have to leave their hometowns to get good-paying jobs and support their families. (Applause.)

And here in Arizona, Arizona State University is expanding its engineering program — catch this, every time — you guys know this, but every time I say it and I talk about it, it’s just astounding to me — it’s going to expand their — their engineering to over 10,000 additional students — 10,000 additional engineering students. (Applause.)

Community colleges are training new technicians and launching free semiconductor technician programs led by Intel employees. Local unions are building training centers for apprenticeships. And Intel is investing in semiconductor education starting as early as high school, so students get hands-on experience and a path to good-paying jobs whether or not they get to go to college. (Applause.) And the same is happening in other states as well.

It’s all a part of my Investing in America agenda, which has attracted $675 billion — $675 billion in private-sector investments and ignited a manufacturing boom in America, a clean-energy boom, a jobs boom — all here in America, finally. (Applause.)

Since I took office, America has had the strongest growth of any major economy in the world — nearly 15 million new jobs, the longest stretch of unemployment under 4 percent in 50 years — for 50. (Applause.) Growth is strong. Wages are up more than prices. Inflation is down dramatically.

We have more to do. I get it. We have more to do, but no question, our plan of delivering for the American people is working now. (Applause.)

And since I came to office, here in Arizona, because of your Investment in American agenda, we’ve deployed and developed nearly $8 billion in federal funds to upgrade infrastructure and clean energy.

Right here in Arizona, we’ve created 300,000 new jobs. Let me say that again: in Arizona, 300,000 new jobs. (Applause.)

Because I was finally able to beat big pharmaceutical companies, because Medicare — I’ve been trying for years, but Medicare now has the power to negotiate lower prescription drug costs for seniors, including 1.4 million seniors right here in Arizona. (Applause.)

And to put this in perspective — put this in perspective: Whatever prescription you have made by any American drug manufacturer, jump on Air Force One where they’ll fly to any country, any major city in the world — from Toronto to Berlin to Baghdad to any- — anywhere around the world. I’ll — we’ll get off the plane, you bring that prescription into that county, you’ll be able to buy it for 40 to 60 percent less. That’s wrong.

So, guess what? When we begin — begin to manufacture — when we were — negotiate with — when I said — look, Medicare buys all these drugs — billions of dollars’ worth — to take care of Medicare and Medicaid. Well, guess what? Do you know how much it costs to make insulin? Anybody know anybody who needs insulin? Raise your hand. You’re darn right. Well, guess what? It’s now 35 bucks a month. Do you know how mu- — it was 400 bucks a month. (Applause.)

Do you know how much it costs to make it? Ten dollars. Ten dollars.

And, again, we’ll cap a total out-of-pocket expenses for prescription drugs — all the drugs a senior has to take — all of them — at $2,000, including expensive cancer drugs that cost $10-, $12-, $15,000 a year. They’ll never have to pay more than $2,000 a year for all the drugs they need. (Applause.)

But, folks, by the way, not only saves seniors money; it saves taxpayers a significant amount of money. We’ve reduced — as a consequence of the law I wrote and got passed, we’ve reduced the federal deficit by $160 billion. Hear me? One hundred and sixty billion dollars. You know why? Medicare doesn’t have to pay $400. They have to pay $35 for that prescript- — and much, much more. (Applause.) Exorbitant prices.

And it’s all a part of my economic vision for this country. I determined that I was going to build the economy from the middle out and the bottom up, not the top down. Because when you do that, the poor have a ladder up, the middle class does well, and the wealthy still do very well. We all do well.

Let’s be clear. Let’s be clear: It’s a fundamental break from the trickle-down economics super-charged by my predecessor. On his watch, companies sent American jobs overseas for cheaper labor and imported products. We’re creating jobs in America and exporting American products. (Applause.)

And my predecessor and his allies in Congress want to go back. In fact, the vast majority of the team on the other side, my Republican friends, didn’t vote for the CHIPS and Science Act — the majority of them didn’t. And now they’re trying to repeal the Inflation Reduction Act — the most significant action ever on climate — that’s going to create hundreds of thousands of jobs, many of them in their own states and your district, particularly in states like Arizona.

That’s why my professor — my predecessor was in office — he enacted instead a $2 trillion tax cut where they overwhelmingly benefit the very wealthy and the biggest corporations.

By the way, I’m not anti-corporation. I come from the corporate state of America. More corporations are incorporated in Delaware than every other state in the Union combined, and I represented it for 36 years. But they can’t get greedy.

And we want to do — (inaudible) here’s what — he wants to do this again.

The bottom line, I want to build a future in America. My predecessor is going to let the future be built in China and other countries, not America, because it may be cheaper for those investing.

Folks, I promised to be the president for all Americans, whether you voted for me or you didn’t vote for me. Today’s investment helps all Americans, in red states and blue states all across America — urban, rural, suburban, and Tribal communities. But we’re not leaving anyone behind.

We’re not — if we invent it in America, it should be made in America — (applause) — and include all of America.

Folks, let me close with this. I’ve been determined to make things in this country again, to build a manufacturing capacity — as I said, we’ve created over 800,000 manufacturing jobs and we’re still counting — to make sure we never again are in a position where during a pandemic we’re relying on other countries to make things that we badly need here at home to be able to go forward.

Folks, some folks don’t — didn’t believe we could do this, but I’ve made no bones about it. I’ve said for a long time, and I mean this from the bottom of my heart: If we invest in America, we can change the country’s future and lead the world again. We are leading the world again. We’re proving it’s never been a good bet — it’s never been a good bet to bet against America.

I’ve spent more time with Xi Jinping, the leader of China, than any other world leader has. And I was with him — traveled 17,000 miles with him when he was vice president and I was vice president, before he became the leader. And we were in the Tibetan Plateau, and he asked me — he said, “Can you define America for me?” I said, “I sure can, in one word.” And he looked at me. I said, “Possibilities.” “Possibilities.” (Applause.)

We have invent- — the only nation in the world that has never th- — we have come out of every crisis we’ve ever been in stronger than we went into that crisis. There’s nothing beyond our capacity.

I’ve never been more optimistic about our future. We just have to remember who in the hell we are. We’re the United States of America. (Applause.) And there’s nothing beyond our capacity when we work together.

So, God bless you all. And may God protect our troops.

You’re the best. You’re the be- — this is going to transform the country in a way you don’t even understand yet.

Thank you. Thank you, thank you. (Applause.)

12:37 P.M. MST