Intel awarded up to $3 billion from US for national security related chip production

(Reuters) -The Biden Administration on Monday awarded Intel Corp (NASDAQ:INTC ). up to $3 billion from the CHIPS and Science Act to develop a "Secure Enclave" for microelectronics, which are a critical component to a wide range of weapon systems and other national security products.

Shares of Intel were 4% after the announcement.



The award pushes forward the administration's commitment to re-shore semiconductor manufacturing and advance cutting-edge technology research and development.

The administration's focus on the Secure Enclave reflects a broader strategy to enhance national security through targeted investments in critical semiconductor manufacturing and technology development.

Source: Investing.com