Intel Awarded Up To $8.5 Billion in CHIPS Act Grants, With Billions More in Loans Available

The White House said Wednesday Intel has been awarded up to $8.5 billion in CHIPS Act funding, as the Biden administration ramps up its effort to bring semiconductor manufacturing to U.S. soil. From a report: Intel could receive an additional $11 billion in loans from the CHIPS and Science Act, which was passed in 2022. The awards will be announced by President Joe Biden in Arizona on Wednesday. The money will help 'leading-edge semiconductors made in the United States' keep 'America in the driver's seat of innovation,' U.S. Secretary of Commerce Gina Raimondo said on a call with reporters. Intel and the White House said their agreement is nonbinding and preliminary and could change.

Intel has long been a stalwart of the U.S. semiconductor industry, developing chips that power many of the world's PCs and data center servers. However, the company has been eclipsed in revenue by Nvidia, which leads in artificial intelligence chips, and has been surpassed in market cap by rival AMD and mobile phone chipmaker Qualcomm.

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