Qualcomm Inc (NASDAQ:QCOM, ETR:QCI).'s interest in acquiring Intel Corp (NASDAQ:INTC, ETR:INL).
Intel is getting $7.9 billion in federal grants from the Biden administration. The US Department of Commerce announced the grant, part of the CHIPS Act, on Tuesday.
The Biden administration has finalized a deal giving Intel nearly $7.9 billion in federal grants from a program to boost domestic semiconductor manufacturing. Tom Mackenzie reports on Bloomberg Television.
The U.S. Commerce Department said Tuesday it was finalizing a $7.86 billion government subsidy for Intel , down from $8.5 billion announced in March after the California-based chips maker won a separate $3 billion award from the Pentagon.
The Silicon Valley company will receive less money from the CHIPS Act after winning a $3 billion military contract and changing some of its investment commitments.
The government grant is less than originally expected because the chip giant is also receiving separate funding for defense-related projects.
The Commerce Department calls it a “huge step” in strengthening the U.S. chip supply chain. Earlier this year, it had proposed up to $8.5 billion in grants to Intel.
Semiconductor maker Qualcomm Inc.'s interest in acquiring rival Intel Corp. is souring, Bloomberg News reported Monday night.
Qualcomm's interest in acquiring chipmaker Intel is said to have cooled, Bloomberg News reported on Monday, citing people familiar with the matter.
CNBC's Deirdre Bosa joins 'The Exchange' to discuss Intel losing funding from the CHIPS Act.
With the government deciding to reduce the funding, it appears Intel has fallen down the pecking order.
Intel expects a small reduction from the $8.5 billion preliminary U.S. subsidies planned for the chipmaker, according to a person familiar with the matter.