(Reuters) -Intel (INTC) and the U.S. authorities will probably finalize $8.5 billion in direct funding for the chipmaker earlier than the top of the yr, the Monetary Instances reported on Friday, citing folks acquainted with the discussions.
The discussions had been at a sophisticated stage, however there was no assure it will likely be finalised earlier than 2024 finish, the report stated, including that any takeover of all or a part of Intel’s enterprise might danger disrupting the talks.
Intel and the U.S. Division of Commerce didn’t instantly reply to Reuters’ requests for remark.
U.S. President Joe Biden awarded Intel almost $20 billion in grants and loans in March to spice up the corporate’s home semiconductor chip output.
The preliminary settlement was for $8.5 billion in grants and as much as $11 billion in loans for Intel in Arizona, the place a number of the funding shall be used to construct two new factories and modernize an current one.
Qualcomm has approached Intel to discover a possible acquisition of the troubled chipmaker, Reuters reported earlier this month.
As soon as the dominant pressure in chipmaking, Intel ceded its manufacturing edge to rival Taiwan Semiconductor Manufacturing Co (TSM) and failed to supply a broadly desired chip for the generative synthetic intelligence increase capitalized on by Nvidia (NVDA) and AMD (AMD).
(Reporting by Rhea Rose Abraham in Bengaluru; Modifying by Sonia Cheema and Rashmi Aich)
