Intel and Biden Administration finalize $7.86B deal to fund domestic chip manufacturing

3 hours ago 3

2:16 AM PST · November 26, 2024

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.

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Paul is a senior writer based in London, focused largely (but not exclusively) on the world of UK and European startups. He also writes about other subjects that he’s passionate about, such as the business of open source software. Prior to joining TechCrunch in June 2022, Paul had gained more than a decade’s experience covering consumer and enterprise technologies for The Next Web (now owned by the Financial Times) and VentureBeat. Pitches on: paul.sawers [at] techcrunch.com Secure/anon tip-offs via Signal: PSTC.08 See me on Bluesky: @jambo.bsky.social

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