>>21337828 LB
> Intel stock plunges as company announces cost-cutting plan to slash 15,000 jobs, suspend dividend.
"Everything Joe+ touches turns to $HIT"
-----
SANTA CLARA, Calif.,
March 20, 2024 – The Biden-HarrisAdministration announced today that Intel and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to$8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act.
U.S. Department of Commerce has proposed up to $8.5 billion in direct funding through the CHIPS and Science Act to advanceIntel’s commercial semiconductor projects in Arizona, New Mexico, Ohio and Oregon.
Intel also expects to benefit from a U.S. Treasury Department Investment Tax Credit (ITC) of up to 25% on more than $100 billion in qualified investments and eligibility for federal loans up to $11 billion.
Proposed funding supports Intel’s previously announced plans to invest more than $100 billion in the U.S. over five years to expand U.S. chipmaking capacity and capabilities critical to economic and national security and acceleration of emerging technologies, such as AI.
Intel’s investments are expected to create more than 10,000 company jobs and nearly 20,000 construction jobs, and to support more than 50,000 indirect jobs with suppliers and supporting industries.
https://www.intel.com/content/www/us/en/newsroom/news/us-chips-act-intel-direct-funding.html#gs.d1py2l