Intel Faces CHIPS Act Setback: Why Its Stock Is Taking a Hit

The creator of the Pringles can was buried in one. Rest in snack!

Intel will finally get the much-awaited CHIPS Act award from the Biden Administration, but the amount is smaller than initially panned. In Tuesday trading, Intel stock retreated.

Intel will receive up to $7.86 billion in funding through the U.S. CHIPS and Science Act, the company announced Tuesday. The funding was roughly $600 million lower than the $8.5 billion award that Intel was expected to receive.

The funding will be used to "advance Intel's commercial semiconductor manufacturing and advanced packaging projects in Arizona, New Mexico, Ohio and Oregon," the company said.

Intel stock shed 3.3% to close at 24.05. The former Dow giant has been sliding all year. INTC stock is above its 50-day line, but below its 200-day,

Intel Chief Executive Pat Gelsinger in a statement cited "strong bipartisan support for restoring American technology and manufacturing leadership" that is "driving historic investments that are critical to the country's long-term economic growth and national security."

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