United States President Joe Biden's administration is supposedly planning to shrink Intel's federal chip grant to less than $8 billion, the New York Times reported, citing an unnamed source.
Biden's administration, in an effort to "supercharge" domestic chip output, gave Intel a preliminary grant of $8.5 billion and loans totaling $11 billion. The unnamed source told the news agency that the reduction in budget took the $3 billion Pentagon contract offered to Intel into account.
The expenditure was part of the US CHIPS and Science Act, intended to boost domestic semiconductor output totaling $52.7 billion in funding.
