The Biden administration has finalized up to $7.86B in direct funding for Intel (NASDAQ:INTC) as part of the CHIPS and Science Act. That’s down from $8.5B funding initially proposed in March. The final total award is less than the proposed preliminary award due to a congressional requirement to use CHIPS funding to pay for the Secure Enclave

Troubled chipmaker Intel, which announced huge layoffs in August, will receive $11 billion under the Chips Act, in an attempt to cut U.S. dependence on imports.