Intel (INTC) To Receive Up to $7.9 Billion in CHIPS Funding

The Intel Corporation (INTC) and the Biden Administration have agreed to terms that will see INTC receive up to $7.9 billion in CHIPS funding. The funding will support expanding or building new facilities across Arizona, New Mexico, Ohio, and Oregon. Intel will receive less than the initially announced reward in March, which was up to $8.5 billion. This is due to other existing defense contracts.

The incoming money will aid Intel’s planned investments of nearly $100 billion in expanding its U.S. operations. The funding will be awarded as Intel achieves milestones on the different projects, the U.S. Department of Commerce said Tuesday.

Intel stock has slumped in 2024 with multiple instances of negative quarterly results. Year-to-date, the stock is down over 50%, as the company struggles to keep up with other tech giants like Nvidia (NVDA). Earlier this year, the company also announced plans to lay off 15% of its workforce. Last month, Intel CEO Pat Galsinger said the company had made “solid progress” on its efforts so far. However, he also acknowledged there is “a lot of work in front of us” going forward.

Also Read: JP Morgan Predicts the Future of Elon Musk’s DOGE

Commerce Department officials said that more finalized CHIPS Act funding agreements are likely to be announced in the coming weeks. The Biden administration is reportedly looking to finalize as many of the deals as possible before the presidential transition process in January.

Intel stock was up more than 0.7% to around $25.05 Tuesday morning. At press time, shares are trading at 24.01, down 3% today.

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