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Follow us on FacebookPentagon refuses to write €2.3 billion cheque for Intel
@ 2024/03/14Chipzilla's share price feels a bit sick
The Pentagon has reportedly scrapped its €2.3 billion grant earmarked for tech titan Intel, leaving the company’s shares a bit under the weather.
The bombshell decision has thrown a spanner in the works for the US Commerce Department, now scrambling to plug the financial gap left for the US CHIPs and Science Act.
Initially, the Commerce Department was only responsible for €920 million of the €3.2 billion that Intel was counting on to bolster its advanced defence and intelligence-related semiconductor production.
The Pentagon has reportedly scrapped its €2.3 billion grant earmarked for tech titan Intel, leaving the company’s shares a bit under the weather.
The bombshell decision has thrown a spanner in the works for the US Commerce Department, now scrambling to plug the financial gap left for the US CHIPs and Science Act.
Initially, the Commerce Department was only responsible for €920 million of the €3.2 billion that Intel was counting on to bolster its advanced defence and intelligence-related semiconductor production.
