Intel and Commerce Department close to finalizing roughly $8 billion CHIPS Act grant, source says

Funding Rounds

▤ Summary

Chipmaker Intel and the CHIPS Act Office are close to finalizing a deal which would award the company a roughly $8 billion grant, according to a person familiar with the matter, as the Biden administration moves to dole out funds before President-elect Trumps inauguration. Intel is also in line for a $3 billion contract to manufacture chips for the Department of Defense, a deal announced in September and a rare bright spot in the companys struggling efforts to grow its fab business. The U.S. awarded Taiwan Semiconductor Manufacturing Company a $6.6 billion grant earlier this month, raising investor expectations that cash funding for Intel would come soon. The company posted a nearly $17 billion loss last quarter and has been dialing back CEO Pat Gelsingers ambitious plans worldwide. Intel is also seeking to raise cash via a minority stake in the Altera business, CNBC previously reported, and has been sounding out interested acquirers for weeks.

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