Intel Has Already Received $2.2B in Federal Grants for Chip Production
upstart writes:
Intel has already received $2.2B in federal grants for chip production:
Semiconductor giant Intel Corporation has already received $2.2 billion in federal grants from the U.S. Department of Commerce through the U.S. CHIPS and Science Act, the company shared during its Thursday earnings call.
Dave Zinsner, Intel's co-interim CEO, executive vice president, and CFO, said the Silicon Valley-based company received the first tranche of $1.1 billion in federal grants at the end of 2024 and an additional $1.1 billion in January 2025.
These grants are based on reaching certain milestones, Zinsner added. Another $5.66 billion has yet to be dispersed.
The company was awarded a total of $7.86 billion in federal grants to build semiconductors in the U.S. in November as part of the U.S. Department of Commerce's U.S. CHIPS and Science Act. While a sizable sum, this total was less than the original $8.5 billion estimate.
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