"Biden's $8.5B Microchip Grant to Intel Aims to Boost Chip Manufacturing"

The US government has granted Intel up to $8.5 billion for chip manufacturing through the CHIPS and Science Act, positioning them as a potential number two or three player in the foundry market, with Taiwan Semi continuing to lead. CFRA Research Senior Equity Analyst Angelo Zino notes that while the grant will help, Intel will need to continue investing heavily in their foundry expansion initiative to compete effectively. CEO Pat Gelsinger's turnaround plan is seen as making the right moves, but investors are looking for more customer wins to drive stock performance.