Intel is on the cusp of securing a roughly $8 billion grant from the Commerce Department as part of the CHIPS Act, supporting its chip manufacturing expansion efforts. The funding will aid in building new factories and bolstering the company’s foundry business. This comes amid significant challenges faced by Intel, including a recent nearly $17 billion loss and plans to cut 15,000 jobs. Despite this, the Biden administration is committed to doling out funds through the CHIPS Act, with the Commerce Department expected to finalize the award in the coming weeks. The news marks a positive development for the struggling chipmaker, which has been navigating uncertain technology roadmaps and shifting customer demand.
Source: https://www.cnbc.com/2024/11/25/intel-close-to-8-billion-chips-act-grant-source.html