Intel Stock Rises After a Report of a $3.5B Pentagon Chip Deal

Published on October 4, 2024

Key Takeaways

  • Intel has reportedly won $3.5 billion in grants from the Pentagon to manufacture chips for the U.S. military.
  • Bloomberg reported that Intel's work will be part of the government's Secure Enclave program, which aims to produce advanced chips with military and intelligence applications. 
  • The contract comes on top of the potential $8.5 billion in grants and $11 billion in loans that Intel was awarded earlier this year from the CHIPS and Science Act of 2022.

Shares of Intel (INTC) advanced Monday, aided by a report that the semiconductor maker received a multibillion-dollar award from the Pentagon to make chips for the U.S. military. 

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