US Stock Market Move | Receiving $3.5 billion in subsidies to produce chips for the U.S. military, Intel Corporation (INTC.US) has risen nearly 4%.
As of the time of publication, the stock has risen by nearly 4%, reaching $20.415.
On Monday, while chip stocks were generally trending lower, Intel Corporation (INTC.US) saw an increase in its stock price, rising nearly 4% to $20.43 as of the time of writing. On the news front, Intel Corporation reached a binding agreement with U.S. officials, stating that the company is officially eligible to receive up to $3.5 billion in federal funding to produce semiconductors for the U.S. Pentagon. The project, named "Secure Enclave," will produce advanced chips for military and intelligence agencies. It is reported that the project will involve multiple states in the U.S., including a manufacturing facility for Intel Corporation in Arizona.
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