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 Biden-Harris Administration and U.S. Department of Commerce announced Friday that Taiwan Semiconductor Manufacturing Company’s Arizona Corporation has been awarded up to $6.6 billion in funding.

Initially, Intel was awarded $8.5 billion, but it was decreased after Intel won a $3 billion subsidy from the Pentagon to expand Department of Defense semiconductor manufacturing. In a press release,

Key Takeaways Intel and the Biden administration have agreed to terms for the chipmaker to receive up to $7.86 billion in CHIPS Act funding.The funding will support the expansion or building of new facilities across Arizona,

The Wall Street Journal reports that Intel will receive at least $1 billion in funds later this year, with the chipmaker promising to not engage in stock buybacks for five years. According to The New York Times,

The Biden Administration announced it released $7.865 billion in funding for Intel as part of its CHIPS Incentives Program.