Donald Trump has previously criticized the CHIPS Act and suggested he would prefer tariffs to incentivize semiconductor manufacturing on US soil.

Key Takeaways Intel and the Biden administration have agreed to terms for the chipmaker to receive up to $7.86 billion in CHIPS Act funding.The funding will support the expansion or building of new facilities across Arizona,

The Biden administration is giving Intel $7.865 billion in CHIPS Act funding to boost domestic semiconductor manufacturing in the US. The agreement confirmed by the US Department of Commerce today is the largest award granted under the CHIPS Act to date, though notably smaller than the up to $8.5 billion earmarked for the chip maker in March.