Intel and Biden Administration finalize $7.86B deal to fund domestic chip manufacturing | TechCrunch
The U.S. Department of Commerce today confirmed it has awarded $7.865 billion to chip giant Intel under the U.S. CHIPS and Science Act, a federal statute signed into law by President Joe Biden in 2022 to boost domestic semiconductor manufacturing. The figure is notably lower than the potential highest figure announced back in March, when the White House said it had reached an agreement with the Department of Commerce to give Intel a grant of 'up to' $8.5 billion. The backdrop to all this is Intel's transition to a so-called 'foundry' model, whereby it manufacturers chips under contract that have been designed by other organizations. To support this, Intel has had to up its capacity, and in 2021 the company revealed plans to invest $20 billion in two new fabrication (or 'fabs') facilities at its Arizona Ocotillo campus, a move that coincided with the formal launch of its new foundry business. In February, Intel rebranded this outfit as Intel Foundry, and in September Intel spun out...
learn more
