Intel receives $3 bn from Pentagon for mfg chips for military; shares gain

Intel Corp. said on Monday that it’s eligible to receive as much as $3 billion in US government funding to manufacture chips for the military, confirming earlier reporting by Bloomberg.

The effort, called the Secure Enclave, aims to establish a steady supply of cutting-edge chips for defense and intelligence purposes. The award is separate from a possible $8.5 billion grant from the 2022 Chips and Science Act that would support Intel’s commercial factories across four US states. In a separate statement Monday, Intel said that those projects continue to make progress.