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  2. $8.5 billion
    • According to 4 sources
    U.S. Department of Commerce has proposed up to $8.5 billion in direct funding through the CHIPS and Science Act to advance Intel’s commercial semiconductor projects in Arizona, New Mexico, Ohio and Oregon.
    On March 20, 2024, the Biden-Harris Administration announced the biggest CHIPS and Science Act grant to date with Intel and the U.S. Department of Commerce signing a non-binding preliminary memorandum for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects.
    Today, the Biden-Harris Administration announced that the U.S. Department of Commerce and Intel Corporation have reached a non-binding preliminary memorandum of terms (PMT) to provide up to $8.5 billion in direct funding under the CHIPS and Science Act to strengthen the U.S. supply chain and re-establish American leadership in semiconductor manufacturing.
    Biden announced $8.5 billion in federal funding from the CHIPS Act for Intel Corp. to manufacture semiconductors in Arizona. One such supplier in talks with Commerce for a CHIPS award is IQE, a U.K.-based company that produces compound semiconductor wafers for major companies like Apple.
     
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    How much money will Intel get from the chips & Science Act?The Commerce Department and Intel declined to comment. The incentives would come from the 2022 Chips and Science Act, which set aside $39 billion in direct grants as well as loans and loan guarantees worth $75 billion to get the world’s top semiconductor companies to manufacture chips in the US after decades of production abroad.
    Did Intel get $8.5 billion in chips Act funding?The U.S. government granted Intel $8.5 billion in CHIPS Act funding. Gelsinger said restoring semiconductor leadership in the U.S. is “our calling.” (Credit: Intel Corporation) U.S. President Joe Biden speaks Wednesday, March 20, 2024, during an event on Intel’s Ocotillo Campus in Chandler, Arizona.
    Who will benefit from the chips Act?Other likely beneficiaries of the CHIPS Act include memory-chip producer Micron Technology ( MU) and contract chipmaker GlobalFoundries ( GFS ), Arya said. Piper Sandler analyst Harsh Kumar agrees that Intel will be biggest recipient of Chips Act funding. But he thinks Intel could reap $19.7 billion from the act.
    How would Intel benefit from a $52 billion chips Act subsidy?Intel, along with firms like Texas Instruments and Micron Technology, designs and manufacturers its own chips. Such firms would benefit from the $52 billion in CHIPS Act subsidies to build factories and also from an investment tax credit to purchase tools for use inside their factories from another measure called the FABS Act.
     
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