US authorities takes 10 % stake in Intel in trade for cash it was already on the hook for

The US is investing $8.9 billion into Intel, however a lot of the funds come from cash that the federal government was presupposed to pay the embattled chipmaker anyway. In an announcement on Friday, Intel stated the federal authorities will fund its funding utilizing the remaining $5.7 billion in grants it hasn’t but obtained beneath the Biden administration’s CHIPS Act, along with the $3.2 billion obtained as a part of the Safe Enclave program.