Intel CFO says chipmaker receives $5.7 billion in outstanding CHIPS Act grants under Trump deal
Intel received the $5.7 billion in cash on Wednesday night as part of the deal US President Donald Trump negotiated for a 10% stake in the struggling chipmaker, finance chief David Zinsner said at an investor conference on Thursday.
The stake in Intel announced by the US government last week is an incentive for Intel to retain control of its contract manufacturing business, or foundry, Zinsner said.
As part of the deal, the government negotiated an additional 5% warrant, should Intel cease to own more than 51% of its foundry operation.
