The White House plans to curtail a multi-billion dollar subsidy for chipmaker Intel as the company dials back on construction projects following record-breaking losses.
The manufacturer was the largest beneficiary of the Biden-Harris administration’s 2022 CHIPS and Science Act (CHIPS Act), being awarded $8.5 billion in grants and up to $11 billion in subsidized loans as part of the legislation’s $39 billion domestic semiconductor production push. Now, the White House has dialed back its funding to less than $8 billion following Intel’s decision to delay private investments in Ohio manufacturing facilities after posting a $16.6 billion quarterly loss in October, according to The New York Times. (RELATED: Biden’s Plan To Boost American Chip Manufacturing Is Already Facing Setbacks)
The Biden-Harris administration’s decision also comes in response to fears that Intel will be…
