(Reuters) -The Biden Administration on Monday awarded Intel Corp. up to $3 billion from the CHIPS and Science Act to develop a “Secure Enclave” for microelectronics, which are a critical component to a wide range of weapon systems and other national security products.
Shares of Intel were 4% after the announcement.
The award pushes forward the administration’s commitment to re-shore semiconductor manufacturing and advance cutting-edge technology research and development.
The administration’s focus on the Secure Enclave reflects a broader strategy to enhance national security through targeted investments in critical semiconductor manufacturing and technology development.
(Reporting by Juby Babu in Mexico City and Mike Stone in Washington; Editing by Alan Barona)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.