In March 2024, the Biden Administration and Intel signed a preliminary memorandum of terms (PMT) for the $8.5 billion funding. This support package is part of Intel’s larger commitment to invest more than $100 billion in expanding its US manufacturing footprint, including building new chip plants in Arizona, Ohio, Oregon, and New Mexico.

As interest in Intel’s faltering business grows, the chip pioneer is reportedly set to finalize billions of dollars in direct funding from the U.S. government.

Intel Corp. and the U.S. government will likely finalize a deal to provide the company with $8.5 billion in CHIPS Act funding by year’s end, the Financial Times reported today.