The White House said on Wednesday that Intel has been awarded up to $8.5 billion as part of the CHIPS Act.

KEY POINTS

  • Intel is in line to receive as much as $8.5 billion in direct funding from the federal government as part of the CHIPS Act, the White House said on Wednesday.
  • The company could also receive up to $11 billion in loans tied to the legislation, which was passed in 2022.
  • The awards highlight the scale of the Biden administration’s push to subsidize semiconductor manufacturing on U.S. soil.