Intel and US government near $8.5 billion chip funding deal by year-end

Intel and the US government are close to finalizing an $8.5 billion funding deal by year-end. This comes as Intel faces financial challenges and explores cost-cutting measures. Rival Qualcomm has shown interest in acquiring a stake in Intel, complicating negotiations. The funding, part of the Chips and Science Act, aims to boost US chip manufacturing and reduce reliance on Asian supply chains. This package would be the largest single subsidy awarded under the act, supporting Intel's efforts to stabilize its business. Intel has committed over $100 billion for chip plants in the US, while the political landscape ahead of the November election adds urgency to the funding discussions. Intel's share price has recently recovered amid reports of potential investments from Qualcomm and private equity firm Apollo.