As interest in Intel’s faltering business grows, the chip pioneer is reportedly set to finalize billions of dollars in direct funding from the U.S. government.

In March 2024, the Biden Administration and Intel signed a preliminary memorandum of terms (PMT) for the $8.5 billion funding. This support package is part of Intel’s larger commitment to invest more than $100 billion in expanding its US manufacturing footprint, including building new chip plants in Arizona, Ohio, Oregon, and New Mexico.

Intel Corp. and the U.S. government will likely finalize a deal to provide the company with $8.5 billion in CHIPS Act funding by year’s end, the Financial Times reported today.

Intel is to get $8.5 billion of Chips Act money by the end of the year, reports the FT, but the grant is said to be contingent on it not selling any of

According to the Financial Times, Intel would benefit from the funding before the end of this year. In the midst of a particularly challenging year for the company, marked by declining share prices and brand damage due to the controversy surrounding the rapid degradation of processors, this funding could be a welcome relief.

The chip central to Intel’s success is called the central processing unit. Intel released its first version in 1971, said David Laws, the semiconductor curator at the Computer History Museum in Mountain View, California.

Intel Foundry, the semiconductor manufacturing arm of Intel Corp., has garnered more CHIPS and Science Act funding under the U.S. government’s Secure Enclave program. The chipmaker also announced that Amazon Web Services (AWS) has expanded its collaboration to receive product and wafers from Intel.

Chipmaker is seeking ways to shore up its business although potential takeover approaches could complicate talks

Intel (NASDAQ:INTC) is set to finalize an agreement with the U.S. government for $8.5B in direct funding by the end of this year, the Financial Times reported, citing people familiar with the matter.

Intel and the US government will likely finalise $8.5 billion in direct funding for the chipmaker before the end of the year, The Financial Times reported on Friday, citing people familiar with the discussions.