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The historic outlay shows the Biden administration is betting big on Intel as part of the 2022 CHIPS and Science Act, a bid to boost domestic semiconductor output with $52.7 billion in funding.
Intel Corp (NASDAQ: INTC) “hopes to be manufacturing the most advanced AI chips” in 2025, says Patrick Gelsinger – chief executive of the semiconductor giant. Highlights of Intel CEO interview with CNBC Gelsinger made that comment in an interview with CNBC after receiving up to $8.
Chip and PC company Intel (INTC) will receive $8.5 billion in grants from the Biden administration's CHIPS Act funds. Yahoo Finance Live weighs in on Intel's outlook for domestic chip manufacturing and its plans to build US facilities.
Intel Corp (NASDAQ:INTC, ETR:INL) is set to be awarded US$8.5 billion in government grants and a further US$11 billion in loans to ramp up semiconductor manufacturing in the US. This comes as the Biden administration looks to bring domestic production of chips used in artificial intelligence onto US shores, with the president set to announce Intel's awards in Arizona on Wednesday.
As artificial intelligence takes the forefront across industries, robotics emerges as a cost-effective and efficient solution for production. This has led to a remarkable increase in valuations for semiconductor companies, with Nvidia (NASDAQ: NVDA) and SuperMicro (NASDAQ: SMCI) serving as prime examples.
Intel Corp (NASDAQ:INTC) was last seen up 1% at $42.45, following news it will receive $8.5 billion in government funding for high-end chip manufacturing, in addition to $11 billion in loans.
Intel Corp. (INTC) shares rose about 2.5% in premarket trading Wednesday after the White House announced that the chipmaker has been awarded up to $8.5 billion in CHIPS Act funding to expand production in the U.S.
Intel's quest to become the world's second-largest foundry has been hampered by the slow rollout of federal funding. The company finally has some clarity, with a preliminary agreement unlocking billions in grants, loans, and tax credits.
Intel (NASDAQ: INTC ) stock is in the news Wednesday after the company secured $8.5 billion in funding from the U.S. government. The Department of Commerce has a preliminary agreement with Intel to provide it with these funds for the development of new facilities.
Intel will receive $8.5 billion in grants and as much as $11 billion in loans from the US to help fund an expansion of its domestic semiconductor factories. Tom Mackenzie reports on Bloomberg Television.