Intel receives government funding to accelerate semiconductor manufacturing projects

Intel Corporation has reached an agreement with the U.S. Department of Commerce that Intel will receive up to $7.86 billion in government funding under the "CHIP Act." The funds will be used to support its semiconductor manufacturing and advanced packaging projects in Arizona, New Mexico, Ohio and Oregon. Intel also plans to apply for investment tax credits, which are expected to receive up to 25% of the investment amount of more than $100 billion.