Intel and the Chips Act office are nearing a deal for an $8 billion dollar grant to support the company's factory construction efforts.
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00:00Intel and the Chips Act Office are nearing a deal for $8 billion grant to support the company's factory construction efforts.
00:07This is according to a source familiar with the matter.
00:10Now, the Commerce Department is expected to finalize the awards in coming weeks.
00:15Additionally, Intel secured a $3 billion contract in September to manufacture chips for the Department of Defense,
00:22which is a key boost to its struggling fabrication business.
00:26These developments come as the Biden administration works to allocate Chips Act funds before President-elect Trump's inauguration.