In September, Intel CEO Pat Gelsinger announced plans to spin off Intel Foundry, citing potential flexibility to secure independent funding.

Intel said on Wednesday its deal for $7.86 billion in U.S. government subsidies restricts the company's ability to sell stakes in its chipmaking unit if it becomes an independent entity.

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.

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Intel receives $7.86B in funding from U.S. Department of Commerce under CHIPS Act, supporting semiconductor manufacturing and creating jobs.

The funding is lower than originally announced, but it still represents a much-needed win for Intel following a tough year.

The U.S. government is granting Intel up to $7.87 billion to help fund new chip plants in four states, the largest award in the Biden administration program aimed at reviving American chip-making.The funds are less than the $8.

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.