The Biden administration is giving Intel $7.865 billion in CHIPS Act funding to boost domestic semiconductor manufacturing in the US. The agreement confirmed by the US Department of Commerce today is the largest award granted under the CHIPS Act to date, though notably smaller than the up to $8.5 billion earmarked for the chip maker in March.
“Today’s award marks another key step in implementing President Biden’s CHIPS and Science Act and the Investing in America agenda to reshore manufacturing, create thousands of good-paying jobs, and strengthen our economy,” White House Deputy Chief of Staff Natalie Quillian said in the announcement.
The confirmed CHIPS investment will be put towards building and expanding Intel’s semiconductor…