Intel's CHIPS Act Funding Finalized at $7.9 Billion Amid Cuts
TL;DR Summary
Intel's expected funding from the CHIPS and Science Act is reportedly being reduced from $8.5 billion to under $8 billion, partly due to a $3 billion military contract and delays in its Ohio plant opening. Despite this, Intel's stock rose over 2% as investors remained optimistic. The company is also selling its Folsom campus to cut unused space, amid ongoing layoffs. Analysts currently rate Intel stock as a Hold, with a slight downside risk based on recent performance.
- Intel’s (INTC) CHIPS Act Funding May Be Cut, According to New York Times TipRanks
- US finalizes $7.86 billion chips manufacturing award for Intel Reuters
- Biden Cuts Intel’s Chip Award by More Than $600 Million The New York Times
- Live news: Intel secures $7.9bn of US funding under Chips Act Financial Times
- Intel and Commerce Department close to finalizing roughly $8 billion CHIPS Act grant, source says CNBC
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