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Intel and the U.S. government are nearing a deal to finalize $8.5 billion in funding to boost domestic semiconductor production. The Financial Times reported that the agreement, which includes grants and financing, is expected to be completed by the end of the year.
Intel's $8.5 Billion Funding Deal Faces Uncertainty Amid Qualcomm Acquisition Talks and Industry Shifts
Intel and the U.S. government are anticipated to finalize $8.5 billion in direct financing for the chipmaker before the end of the year, according to the Financial Times on September 27, which cited individuals familiar with the discussions.
The report stated that the discussions were advanced, but there was no guarantee that they would be finalized before 2024. It also noted that any acquisition of or a portion of Intel's business could disrupt the talks.
Intel and the U.S. Department of Commerce did not immediately respond to Reuters' inquiries for comment.
In March, U.S. President Joe Biden granted Intel nearly $20 billion in grants and loans to increase the company's domestic semiconductor chip production.
The preliminary agreement was for $8.5 billion in grants and up to $11 billion in financing for Intel in Arizona. A portion of the funding will be allocated to constructing two new factories and modernizing an existing one.
Reuters reported earlier this month that Qualcomm had contacted Intel to investigate the possibility of acquiring the troubled chipmaker.
Intel, previously the dominant force in chip manufacturing, lost its manufacturing advantage to its rival Taiwan Semiconductor Manufacturing Co (TSMC) and could not produce a widely desired chip for the growth of generative artificial intelligence, which Nvidia and AMD capitalized on.
Qualcomm's Takeover Approach Boosts Intel Shares Amid Struggles with Declines and Business Revitalization
The Wall Street Journal reported on September 20, citing individuals who know the situation, that Qualcomm has recently taken a takeover approach to chipmaker Intel.
Qualcomm experienced a 4% decline, while Intel's shares reversed course and rose 8%.
Intel has endeavored to revitalize its business by emphasizing its chip foundry unit and artificial intelligence processors. However, its shares have experienced a significant decline in recent months due to job cuts, the suspension of its dividend, and the resignation of a prominent board member.
Intel and Qualcomm did not immediately respond to Reuters' inquiries for comment.
