Update: The deal to provide Intel with $8B in funding is close to being finalized, CNBC reported, citing a person familiar with the matter. The Biden administration is planning to reduce Intel's (NASDAQ:INTC) preliminary $8.

The U.S. government reportedly plans to reduce Intel Corp's (NASDAQ:INTC) $8.5 billion federal chips grant. What Happened: Intel, the largest beneficiary of CHIPS Act funding, is set to receive less than $8 billion,

The U.S. government plans to reduce Intel Corp's preliminary $8.5 billion federal chips grant to less than $8 billion, the New York Times reported on Sunday citing unnamed sources. The change took into account a $3 billion contract Intel had been offered to make chips for the Pentagon,