The White House's decision to cut Intel's CHIPS Act funding by over $600 million indicates growing concerns over the chip maker's financial health and ability to execute its commitments.
Despite the reduction in expected funding, Intel still plans a significant $90 billion investment in U.S. operations, although it's a cut from the initial $100 billion goal.
The Commerce Department is moving swiftly to finalize CHIPS Act awards before the new administration begins in January, reflecting urgency amid political uncertainty.
The CHIPS Act, one of the Biden administration's key initiatives, is expected to generate over 125,000 jobs and bolster domestic silicon production in the U.S.
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