Intel To Receive Nearly $8 Billion In Federal Funding Under CHIPS Act for US Expansion

Benzinga11-26

Intel Corporation (NASDAQ:INTC) and the Biden-Harris Administration announced that the U.S. Department of Commerce will award Intel up to $7.86 billion in funding under the CHIPS and Science Act. The ...

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Additionally, Intel plans to leverage the U.S. Treasury Department’s Investment Tax Credit, covering up to 25% of qualified investments exceeding $100 billion.Since the CHIPS and Science Act was enacted over two years ago, Intel has committed over $100 billion to expand chipmaking and advanced packaging capabilities in the U.S., crucial for economic and national security.These investments will create tens of thousands of jobs, bolster U.S. supply chains, advance domestic R&D, and reinforce American leadership in semiconductor manufacturing and technology innovation.Read: Intel’s Federal Chips Grant Shrinks Below $8B As Biden Administration Recalibrates CHIPS Ac","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4554":"元宇宙及AR概念","BK4515":"5G概念","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","BK4533":"AQR资本管理(全球第二大对冲基金)","QID":"纳指两倍做空ETF","BK4575":"芯片概念","BK4535":"淡马锡持仓","TQQQ":"纳指三倍做多ETF","BK4527":"明星科技股","FTXL":"First Trust Nasdaq Semiconductor ETF","BK4550":"红杉资本持仓","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","BK4579":"人工智能","BK4588":"碎股","LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","BK4141":"半导体产品","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC",".IXIC":"NASDAQ Composite","QLD":"纳指两倍做多ETF","PSQ":"纳指反向ETF","INTC":"英特尔","BK4512":"苹果概念","BK4529":"IDC概念","SQQQ":"纳指三倍做空ETF"},"translate_title":"英特尔将根据CHIPS法案获得近80亿美元联邦资金用于美国扩张","themeId":"5692ac7f8c5fe78a6e20290a127f0c44","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"US7Y.BOND":1,"INTC":1,"FTXL":1,"US10Y.BOND":1,"US12M.BOND":1,"US2Y.BOND":1,"US30Y.BOND":1,"US3Y.BOND":1,"US5Y.BOND":1,"US6M.BOND":1,".IXIC":0.81,"TQQQ":0.6,"SQQQ":0.6,"QLD":0.6,"QID":0.6,"PSQ":0.6,"NQmain":0.6,"MNQmain":0.6},"content_text":"Intel Corporation (NASDAQ:INTC) and the Biden-Harris Administration announced that the U.S. Department of Commerce will award Intel up to $7.86 billion in funding under the CHIPS and Science Act.\nThe funding will support semiconductor manufacturing and advanced packaging projects at Intel’s facilities in Arizona, New Mexico, Ohio, and Oregon. Additionally, Intel plans to leverage the U.S. Treasury Department’s Investment Tax Credit, covering up to 25% of qualified investments exceeding $100 billion.\nSince the CHIPS and Science Act was enacted over two years ago, Intel has committed over $100 billion to expand chipmaking and advanced packaging capabilities in the U.S., crucial for economic and national security.\nThese investments will create tens of thousands of jobs, bolster U.S. supply chains, advance domestic R&D, and reinforce American leadership in semiconductor manufacturing and technology innovation.\nRead: Intel’s Federal Chips Grant Shrinks Below $8B As Biden Administration Recalibrates CHIPS Act Funding: Report\nPat Gelsinger, CEO of Intel, said, “With Intel 3 already in high-volume production and Intel 18A set to follow next year, leading-edge semiconductors are once again being made on American soil.”\n“Strong bipartisan support for restoring American technology and manufacturing leadership is driving historic investments that are critical to the country’s long-term economic growth and national security. Intel is deeply committed to advancing these shared priorities as we further expand our U.S. operations over the next several years.”\nU.S. Secretary of Commerce Gina Raimondo said, “The CHIPS for America program will supercharge American technology and innovation and make our country more secure – and Intel is expected to play an important role in the revitalization of the U.S. semiconductor industry.”\nThe award follows the completion of Commerce’s due diligence and the previously signed preliminary memorandum of terms, alongside the announced investment tax credit.\nThe final award amount is reduced compared to the preliminary proposal due to a congressional mandate allocating CHIPS funding to cover the $3 billion Secure Enclave program.\nThese efforts are expected to support over 10,000 Intel jobs, nearly 20,000 construction jobs, and more than 50,000 indirect jobs across suppliers and related industries.\nInvestors can gain exposure to the stock via First Trust Nasdaq Semiconductor ETF (NASDAQ:FTXL) and REX FANG & Innovation Equity Premium Income ETF (NASDAQ:FEPI).\nPrice Action: INTC shares are up 0.68% at $25.04 premarket at the last check Tuesday.\nRead Next:\n\nApple Faces New Challenge As Huawei Advances Domestic Chip Tech In Mate 70 Series Amid US Sanctions: Report\n\nImage via Shutterstock.\nUNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.\nGet the latest stock analysis from Benzinga?\n\nINTEL (INTC): Free Stock Analysis Report\n\nThis article Intel To Receive Nearly $8 Billion In Federal Funding Under CHIPS Act for US Expansion originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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