The Biden administration is planning to reduce part of Intel's $8.5 billion federal funding for computer chip plants across the country. This decision comes as Intel is also set to receive $3 billion to supply computer chips to the military. President Joe Biden announced the agreement in March, providing Intel with up to $8.5 billion in direct funding and $11 billion in loans.
The changes to Intel's funding are not linked to the company's financial performance or milestones. In an effort to stay competitive with rivals like Nvidia and AMD, Intel recently announced a workforce reduction of 15%, affecting approximately 15,000 jobs.
