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Intel's Money Woes Throw Biden Team's Chip Strategy Into Turmoil

The Biden-Harris administration's big bet on Intel to lead a US chipmaking renaissance is in grave trouble as a result of the company's mounting financial struggles, creating a potentially damaging setback for the country's most ambitious industrial policy in decades. From a report: Five months after the president traveled to Arizona to unveil a potential $20 billion package of incentives alongside Chief Executive Officer Pat Gelsinger, there are growing questions around when -- or if -- Intel will get its hands on that money. Intel is mired in a sales slump worse than anticipated and hemorrhaging cash, forcing its board to consider increasingly drastic actions -- including possibly splitting off its manufacturing division or paring back global factory plans, Bloomberg reported last week.

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