The U.S. Department of Commerce announced that it will make a final award to Intel Corp. of up to nearly $7.87 billion in direct funding under the CHIPS and Science Act, the largest such grant to any company but slightly below the preliminary $8.5 billion that had been announced earlier.

The Commerce Department calls it a “huge step” in strengthening the U.S. chip supply chain. Earlier this year, it had proposed up to $8.5 billion in grants to Intel.

The U.S. Department of Commerce has awarded Intel Corporation up to $7.86 billion in direct funding through the U.S. CHIPS and Science Act.

The Biden White House is rushing to allocate money set aside for an ambitious tech stimulus before Donald Trump takes office.

The Biden administration plans on reducing part of Intel’s $8.5 billion in federal funding for computer chip plants around the country, according to three people familiar with the grant who spoke on the condition of anonymity to discuss private conversations.

Commerce Department has finally agreed to release $6.6 billion to help fund the Phoenix plant being built by TSMC. Trump has criticized the plan.

The U.S. government plans to reduce Intel Corp's preliminary $8.5 billion federal chips grant to less than $8 billion, the New York Times reported on Sunday citing unnamed sources. The change took into account a $3 billion contract Intel had been offered to make chips for the Pentagon,

The Biden administration has finalized up to $7.86B in direct funding for Intel (NASDAQ:INTC) as part of the CHIPS and Science Act. That’s down from $8.5B funding initially proposed in March. The final total award is less than the proposed preliminary award due to a congressional requirement to use CHIPS funding to pay for the Secure Enclave

The Biden administration has finalized a deal to give Intel Corp. nearly $7.9 billion in federal grants, the largest direct subsidy from a program to boost domestic semiconductor manufacturing.