The US government drops its CHIPS Act requirements for Intel
The US government has relaxed the requirements for Intel under the CHIPS Act. Intel no longer needs to meet certain milestones or share a percentage of the total cash flow from its CHIPS Act-funded projects with the Commerce Department. The company has already spent $7.87 billion on eligible CHIPS Act-funded projects and can now receive funding as long as it can show this spending. Additionally, Intel does not have to adhere to some of the CHIPS Act's workflow policy requirements and most other restrictions. However, it still cannot use the government funds for dividends or share repurchases. This change comes after the government decided to take a 10% stake in Intel, investing $8.9 billion, which includes the $5.7 billion previously earmarked for Intel under the CHIPS Act and an additional $3.2 billion as part of the Secure Enclave program.
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