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Biden administration awards Intel up to $3 billion under the CHIPS Act - TL;DR CNBC

Biden administration awards Intel up to $3 billion under the CHIPS Act

Publishing timestamp: 2024-09-16 20:52:18


Summary

The Biden administration awarded Intel up to an additional $3 billion under the CHIPS and Science Act for the "Secure Enclave" program to expand the supply of microelectronics for the Department of Defense. Intel is building foundry plants in four states to increase domestic semiconductor manufacturing. Shares of Intel jumped 8% after announcing a separate entity for its foundry business. Intel CEO expressed frustration over heavy reliance on Taiwan Semiconductor Manufacturing. Intel's push for funding reflects its mission to fortify the domestic semiconductor supply chain.


Sentiment: POSITIVE

Tickers: TSMINTC

Keywords: technologybreaking news: technologybusinessbusiness newsintel corptaiwan semiconductor manufacturing co ltd

Source: https://www.cnbc.com/2024/09/16/intel-awarded-up-to-3-billion-under-chips-act.html


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