The funding is lower than originally announced, but it still represents a much-needed win for Intel following a tough year.
After a two year wait, Intel is finally going to receive nearly $7.9 billion from the US government to bolster the company’s chip manufacturing in the country.
On Tuesday, the Biden administration announced the $7.865 billion in funding to Intel through the US CHIPS and Science Act, which was passed in 2022 to boost domestic semiconductor manufacturing.
The money will go toward Intel’s plans to expand its chip production in Arizona, New Mexico, Oregon and Ohio, where the company is developing an upcoming $20 billion manufacturing hub to churn out next-generation processors.
