The Biden administration has finalized up to $7.86B in direct funding for Intel (NASDAQ:INTC) as part of the CHIPS and Science Act. That’s down from $8.5B funding initially proposed in March. The final total award is less than the proposed preliminary award due to a congressional requirement to use CHIPS funding to pay for the Secure Enclave

Donald Trump has criticized the CHIPS Act and suggested he'd prefer tariffs to incentivize semiconductor manufacturing on US soil.

The U.S. government is granting Intel up to $7.87 billion to help fund new chip plants in four states, the largest award in the Biden administration program aimed at reviving American chip-making.The funds are less than the $8.

Update: The deal to provide Intel with $8B in funding is close to being finalized, CNBC reported, citing a person familiar with the matter. The Biden administration is planning to reduce Intel's (NASDAQ:INTC) preliminary $8.

Troubled chipmaker Intel, which announced huge layoffs in August, will receive $11 billion under the Chips Act, in an attempt to cut U.S. dependence on imports.

The funding is lower than originally announced, but it still represents a much-needed win for Intel following a tough year.