INTC Stock Alert: Intel Just Got a Major $8.5 Billion Boost
Intel stock is in the news Wednesday after the company secured $8.5 billion in funding from the U.S. government.
The Department of Commerce has a preliminary agreement with Intel to provide it with these funds for the development of new facilities. That includes locations in Arizona, Ohio, New Mexico and Oregon.
In addition to the $8.5 billion in funding, Intel can also get $11 billion in loans from the government. This is part of the CHIPS and Science Act.
With all of this new funding, Intel is focusing on creating semiconductors in the U.S. Doing so will create almost 30,000 jobs while supporting tens of thousands of indirect jobs.
Finally, Intel notes that it intends to claim the U.S. Treasury Department’s Investment Tax Credit (ITC) as part of this agreement. That covers 25% of qualified investments surpassing $100 billion over five years. $Intel(INTC.US$
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70108039 : just saw news jump in asap
Chong MY : not bad