Washington to Reduce Intel's Chip Funding, the New York Times Reports

Dow Jones11-25 19:58

-- The Biden administration plans to scale back Intel's preliminary $8.5 billion funding under the federal CHIPS grant following the technology company's investment delays and broader business struggles, the New York Times reports.

-- Intel will see money granted under the CHIPS act reduced to less than $8 billion from the $8.5 billion announced earlier this year, the newspaper reports, citing four unnamed people familiar with the grant.

-- The change in terms takes into account a $3 billion contract Intel has been offered to produce chips for the U.S. military, the Times says, citing two of the people.

-- Intel, the biggest recipient under the CHIPS Act, and the Commerce Department declined to comment about the reduction in funding, the Times says.

Full story: https://www.nytimes.com/2024/11/24/business/washington-curtails-intel-grant.html

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

November 25, 2024 06:58 ET (11:58 GMT)

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