Intel not expecting immediate benefits from $52 billion CHIPS Act

Intel doesn’t expect to cash in right away on the $52.7 billion CHIPS Act signed into law Tuesday, even though the act is meant to help semiconductor companies expand their operations in the U.S., including Intel’s $20 billion project in New Albany.

“We have not assumed any CHIPS Act money in 2022,” the company’s chief financial officer, David Zinsner, told analysts on a conference after the company posted a dismal second-quarter financial report that tanked Intel shares. “Our expectation is there’ll be a process and that process will take us into 2023 before we start receiving money from CHIPS.”

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Story excerpt provided by The Columbus Dispatch.

Written by Mark Williams.

Originally published August 3, 2022.