Discussions between Intel and Washington D.C. regarding an $8.5 billion CHIPS Act award are at an advanced stage: The company may start receiving direct funds before the end of 2024, sources familiar with the matter tell the Financial Times.
Intel is the biggest recipient of America’s largest semiconductor investment in history. But it faced funding delays as the White House reportedly wanted more information on its plans. The company recently fought financial headwinds due to a $1.6 billion loss in 2Q24.
Progress is underway, even as Intel cuts costs by slashing jobs and putting projects on hold. And with a presidential election this November, the Biden-Harris administration is likely keen to get the largest recipient of one of its headline policies moving forward. This still does not guarantee that Intel will receive its funds before 2025, however.
These are all good news for Intel, but it’s still not out of the woods. Hopefully, the company could recover sooner rather than later, allowing it to regain its footing as a solid competitor in the semiconductor space.
