The United States Department of Defense announced on Monday that it awarded Intel Corporation up to $3 billion in funding under the CHIPS and Science Act for the Secure Enclave program, thus confirming earlier media reports.
The Pentagon noted the the funding will support "manufacturing of microelectronics and ensure access to a domestic supply chain of advanced semiconductors for national security" and added it will be executed via an agreement between the Department of Commerce and the Pentagon. Meanwhile, Intel stated that the agreement "highlights our joint commitment with the US government to fortify the domestic semiconductor supply chain and to ensure the United States maintains its leadership in advanced manufacturing, microelectronics systems, and process technology."
Intel's shares rallied 4.22% to $20.49 per share after the announcement.
