Boost

Chip

Biden

Billion

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<p class="has-drop-cap">In a significant boost to the U.S. semiconductor industry, Intel Corporation (<a href="https://tokenist.com/can-intel-still-be-considered-a-value-stock/" rel="noopener noreferrer nofollow" class="deco-link">NASDAQ: INTC</a>) is set to receive <a aria-label="nearly $20 billion (opens in a new tab)" href="https://www.bloomberg.com/news/articles/2024-03-20/intel-wins-almost-20-billion-in-chips-incentives-for-us-plants#:~:text=Intel%20is%20the%20first%20company,deal%20for%20advanced%20chipmaking%20facilities." target="_blank" rel="noopener noreferrer nofollow" class="deco-link">nearly $20 billion</a> in grants and loans from the Biden administration to enhance domestic <a href="https://tokenist.com/three-semiconductor-stocks-to-hold-as-the-market-rebounds/" rel="noopener noreferrer nofollow" class="deco-link">chip production</a> and reduce reliance on foreign manufacturers. After the announcement, Intel’s stock price surged over 4% in premarket trading.</p>
<h3 id="intel-to-receive-nearly-20-billion-in-grants-and-loans-to-boost-us-domestic-chip-production">Intel to Receive Nearly $20 Billion in Grants and Loans to Boost US Domestic Chip Production</h3>
<p>Intel Corporation is set to receive nearly $20 billion in grants and loans from the Biden administration to boost domestic semiconductor chip production.</p>
<p>The funding, which includes $8.5 billion in grants and up to $11 billion in loans, is part of the larger $52.7 billion allocated by the 2022 <a aria-label="CHIPS and Science Act (opens in a new tab)" href="https://en.wikipedia.org/wiki/CHIPS_and_Science_Act" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">CHIPS and Science Act</a> to enhance U.S. semiconductor output. The act includes $39 billion in production subsidies and $11 billion for research and development.</p>
<p>The funding aims to reduce the U.S.’s reliance on China and Taiwan for semiconductor manufacturing, as the U.S.’s global share has dropped from 37% in 1990 to <a href="https://www.cfr.org/blog/us-investment-semiconductor-manufacturing-building-talent-pipeline" target="_blank" aria-label="12% (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">12%</a> in 2020. Intel plans to use the funds to construct two new factories and modernize an existing one in Arizona.</p>
<p>In addition to the $20 billion, Intel is expected to receive up to $3.5 billion from the Commerce Department to enhance security at its Arizona facilities for producing chips for <a href="https://www.theverge.com/2024/3/12/24098993/intels-military-defense-grant-may-take-a-bite-out-of-chips-act-funding#:~:text=Intel%20was%20awarded%20a%20%243.5,to%20a%20report%20from%20Bloomberg." target="_blank" aria-label="military use (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">military use</a>.</p>
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<h3 id="intel-stock-up-nearly-4-in-premarket-trading">Intel Stock Up Nearly 4% in Premarket Trading</h3>
<p>Intel Corporation stock closed at $42.05 on Tuesday, a decrease of $0.66 (-1.55%) from the previous close of $42.71. In <a href="https://tokenist.com/investing/how-to-trade-after-hours/" rel="noopener noreferrer nofollow" class="deco-link">pre-market trading</a>, the stock price increased by $1.65 (+3.92%) to $43.70 at the time of writing.</p>
<p>Over the past 52 weeks, Intel’s stock has traded between $26.86 and $51.28. The trading volume for the day was 34,477,528 shares, lower than the average volume of 44,156,490 shares.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><strong><em>Do you think Intel will be able to capitalize further on the need for a robust domestic semiconductor industry? Let us know in the comments below.</em></strong></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/intel-shares-surge-as-biden-administration-unveils-20-billion-initiative/">Intel Shares Surge as Biden Administration Unveils $20 Billion Initiative</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Intel Shares Surge as Biden Administration Unveils $20 Billion Initiative

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