2024-09-19 15:56:37

Summary of Intel Confirms $3 Billion Defense Department Chips Act Grant

Summary of Intel Confirms $3 Billion Defense Department Chips Act Grant
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Intel Corp. is set to receive up to $3 billion in US government funding for manufacturing chips for defense and intelligence purposes under the Secure Enclave initiative. The award is part of the 2022 Chips and Science Act, aimed at boosting the American semiconductor industry and reducing reliance on Asia. This funding is separate from a potential $8.5 billion grant under the Chips Act for supporting commercial factories across four US states. Intel's shares rose after the announcement, highlighting the joint commitment with the US government to strengthen the domestic semiconductor supply chain.

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2024-09-19 15:56:37

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