Intel Confirms $3 Billion Pentagon Chips Grant

Intel Corp. announced that it is eligible for up to $3 billion in U.S. government funding to produce advanced chips for military applications through a program called Secure Enclave.

This funding is part of a broader effort to ensure a reliable supply of semiconductors for defense and intelligence purposes, distinct from a potential $8.5 billion grant from the 2022 Chips and Science Act for Intel’s commercial factories.

Following the announcement, Intel’s stock rose 6.4% to $20.91, despite being down 58% for the year.

The Secure Enclave funding, allocated from the Chips Act, will be administered by the Defense Department based on Commerce’s assessment of Intel’s capabilities, Bloomberg has reported.

read more: https://finance.yahoo.com/news/intel-confirms-3-billion-defense-190148627.html

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