U.S. plans to cut Intel's $8.5 billion federal CHIPS grant below $8 billion: New York Times

(Reuters) – The U.S. government is considering cutting a preliminary $8.5 billion federal chip grant to Intel Corp (INTC) to less than $8 billion, the New York Times reported on Sunday, citing unnamed sources.

The move took into account a $3 billion contract that Intel had proposed to make chips for the Pentagon, the sources told the Times.

This spring, U.S. President Joe Biden's administration announced it would provide Intel with nearly $20 billion in grants and loans, increasing the company's domestic production of semiconductor chips and representing the most big government spending to subsidize cutting-edge chip production.

The United States announced a preliminary agreement providing $8.5 billion in grants and up to $11 billion in loans for Intel in Arizona, with part of the funding to be used to build two new factories and upgrade an existing factory .

Intel CEO Pat Gelsinger delivers a speech during the COMPUTEX forum in Taipei, Taiwan June 4, 2024. REUTERS/Ann Wang Reuters/Reuters

The spending was part of the CHIPS and Science Act of 2022, which aims to boost domestic semiconductor production with $52.7 billion in funding, including $39 billion in grants for semiconductor production and $11 billion for research and development.

(Reporting by Mike Stone and Costas Pitas; editing by Kim COghill)

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos