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