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Intel Stock Jumps 3% Premarket as the Company in Talks for More Than $10 Billion in Chips Act Incentives

According to Bloomberg, the Biden administration is in talks to confer more than $10 billion in subsidies to Intel Corp., people familiar with the matter said, in what would be the largest award yet under a plan to bring semiconductor manufacturing back to US soil.Intel stock jumps nearly 3% in premarket trading.Intel’s award package is expected to include both loans and direct grants, according to the people, who asked not to be identified because the deliberations are private. They stressed th

Intel Stock Jumps 3% Premarket as the Company in Talks for More Than $10 Billion in Chips Act Incentives

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They stressed that negotiations are still underway.</p><p>The Commerce Department and Intel declined to comment.</p><p>The incentives would come from the 2022 Chips and Science Act, which set aside $39 billion in direct grants as well as loans and loan guarantees worth $75 billion to get the world’s top semiconductor companies to manufacture chips in the US after decades of production abroad.</p><p>Intel climbed as much as 1.1% in late trading Friday after Bloomberg reported the news. 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