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Intel Shares Fall on Report That Pentagon Withdrew $2.5B Chip Grant.
Intel Corp. shares lost 3% Wednesday after the Pentagon reportedly pulled out of a plan to allocate as much as $2.5 billion in a chip grant to the company. According to Bloomberg, the Pentagon's move might decrease Intel's anticipated $10 billion in federal funding from the CHIPS and Science Act.
Intel Corp. ( INTC) shares fell 3% Wednesday after the Pentagon reportedly pulled out of a plan to spend as much as $2.5 billion on a chip grant for the company. According to Bloomberg, the Pentagon's decision may decrease the federal funding that Intel will have access to and push the chipmaker to get more money from the Commerce Department, which disburses Chips Act grants. The defense funding was part of a spending package that President Joe Biden signed into law over the weekend, and would have given Intel $3.5 billion to produce advanced semiconductors for military and intelligence programs.
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