Pentagon Scraps Plan to Spend $2.5 Billion on Intel Chip Grant [BNN Bloomberg (Canada)]
GlobalFoundries Inc. (GFS)
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Source: BNN Bloomberg
said, putting the onus on another federal agency — the Commerce Department — to make up for the shortfall. The move threatens to limit the total amount that Intel has been expecting to get in federal funding, setting up a contentious situation, said the people, who asked not to be identified because the deliberations are private. Intel is poised to get $3.5 billion in Chips and Science Act funding to produce advanced defense and intelligence-related semiconductors, part of a broader spending package that President Joe Biden signed into law over the weekend. But Commerce, which disburses Chips Act grants, had previously only been responsible for $1 billion of the cost. The Pentagon, which initially promised to cover the rest, scrapped that plan in the days leading up to a government funding deadline, said the people. Lawmakers then directed Commerce to use other Chips Act funds to make up the balance. Read More: Intel Stands to Win $3.5 Billion to Produce Chips for Military T
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