On Tuesday, the Biden-Harris administration finalized a CHIPS award of up to $7.865 billion to help fund expansions of Intel's commercial fabs in the US. By the end of the decade, these fabs are intended to decrease reliance on foreign adversaries and fill substantial gaps in America's domestic semiconductor supply chain.

The U.S. Department of Commerce announced that it will make a final award to Intel Corp. of up to nearly $7.87 billion in direct funding under the CHIPS and Science Act, the largest such grant to any company but slightly below the preliminary $8.5 billion that had been announced earlier.

Intel will receive about $7.86 billion in funding from the CHIPS and Science Act to build new semiconductor manufacturing facilities across four states under its finalized agreement with the Biden