#Intel and Biden Administration finalize $7.86B deal to fund domestic chip manufacturing
The U.S. Department of Commerce today confirmed it has awarded $7.865 billion to chip giant Intel under the U.S. CHIPS and Science Act, a federal statute signed into law by President Joe Biden in 2022 to boost domestic semiconductor manufacturing.
The figure is notably lower than the potential highest figure announced back in March, when the White House said it had reached an agreement with the Department of Commerce to give Intel a grant of “up to” $8.5 billion.
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