Intel’s stock is on the rise following the company’s agreement to a non-binding preliminary memorandum of terms for potential federal grants totaling up to $8.5 billion and loans worth $11 billion under the CHIPS and Science Act. This move aims to bolster U.S. chip production.
White House has revealed nearly $20 billion in loans and grants aimed at enhancing Intel’s chip production capabilities.
On Wednesday, the White House revealed nearly $20 billion in fresh grants and loans to bolster Intel’s American chip manufacturing facilities, representing the Biden administration’s most significant initiative yet to address China‘s dominance in this critical technology sector.
In a statement, the White House announced that the Department of Commerce has tentatively agreed with Intel to offer a maximum of $8.5 billion in direct funding and $11 billion in loans through the CHIPS and Science Act. These funds are expected to generate nearly 30,000 employment opportunities.
