Biden Admin And Intel Announce Up To $8.5 Bln In Direct Funding For Semiconductor Projects

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(RTTNews) - The Biden Administration announced Wednesday that Intel Corp. (INTC) and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act.

The proposed funding would help advance Intel's critical semiconductor manufacturing and research and development projects at its sites in Arizona, New Mexico, Ohio and Oregon.

Together, the CHIPS Act proposed funding and Intel's previously announced plans to invest more than $100 billion in the U.S. over five years constitute one of the largest public-private investments ever made in the U.S. semiconductor industry.

Intel's investments are expected to create more than 10,000 company jobs and nearly 20,000 construction jobs, and to support more than 50,000 indirect jobs with suppliers and supporting industries.

Under the PMT, Intel would also have the option to draw upon federal loans of up to $11 billion. Intel also plans to claim the U.S. Treasury Department's Investment Tax Credit (ITC), which is expected to be up to 25% of qualified investments of more than $100 billion over five years.

The historic investment will create thousands of new company positions and construction jobs, foster U.S.-based R&D, strengthen U.S. supply chains, and help ensure American leadership in leading-edge semiconductor manufacturing and technology capabilities.

टैग: INTC

Intel Wins EU Court Battle As EUR 1.06 Bln Fine Annulled

Intel Corp. has won a long-running court battle in the European Union, where the Court of Justice, Europe's top court, upheld the annulment by the General Court of a 1.06 billion euros fine imposed by the Commission on the chipmaker. The European regulator had alleged an abuse of a dominant position on the part of Intel.

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Alibaba, Baidu Invest In Intel-Backed Horizon Robotics' IPO

Horizon Robotics, a Chinese developer of artificial intelligence chips used in autonomous driving systems, is seeking to raise as much as HK$5.4 billion or around $696 million in its Hong Kong initial public offering. According to its listing document, Chinese majors Alibaba Group Holding Ltd. and Baidu Inc. are investing in the IPO of the firm, which is backed by tech major Intel Corp.

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Intel Reportedly Rejects Arm's Bid For Product Division

Chipmaker Intel Corp., which is in the midst of takeover speculation amid its struggling financial performance, rejected an approach from British chip firm Arm Holdings Plc for its product division, Bloomberg reported citing a person with direct knowledge of the matter. Intel replied that the product division is not for sale. On the Nasdaq, Intel shares were gaining around 1.5 percent...

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Intel's Foundry Unit Loss Widens, Sees Operating Loss Peaking In 2024; Stock Down

Intel Corp. shares were hit by wider operating loss in its chipmaking unit Intel Foundry for fiscal 2023, and the company's warning that the segment's operating losses are expected to peak in 2024. Intel shares fell more than 4 percent in extended trading on Tuesday on the Nasdaq Stock Exchange, as well as in pre-market activity on Wednesday.

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EU Re-imposes EUR 376.36 Mln Fine On Intel For Anticompetitive Practices For CPUs

The European Commission on Friday re-imposed a fine of around 376.36 million euros on Intel Corp. (INTC) for a previously established abuse of dominant position in the market for computer chips called x86 central processing units.

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Intel To Divest About 10% Stake In IMS Nanofabrication Business To TSMC

Intel Corp. (INTC) announced Tuesday that it has agreed to sell an approximately 10% stake in the IMS Nanofabrication business to Taiwan Semiconductor Manufacturing Co. Ltd. or TSMC (TSM).

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Spirit Airlines Files For Chapter 11 Bankruptcy Protection; Stock Drops

Spirit Airlines, Inc., amid struggles with mounting losses and debt, has filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York. The restructuring is expected to reduce Spirit's debt and provide increased financial flexibility. In an open letter to all Spirit Guests, the company called the process a proactive step to position it...

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Bay Street Likely To Open On Positive Note

Canadian shares may open higher on Monday as energy and materials sectors are likely to attract buyers thanks to firm crude oil and metal prices. With Canadian inflation data due this week, and the Federal Reserve's upcoming policy moves remaining a bit uncertain, the mood is likely to remain somewhat cautious.

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