Intel finalizes $7.86B CHIPS Act award for US semiconductor fabs

INTEL CORP

DOC awards Intel up to $7.86B direct funding plus 25% tax credit on >$100B investments for fabs in AZ, NM, OH, OR.
Intel must spend $35B on US R&D 2024-2028; restricted on dividends, buybacks, foreign expansion.
Change-of-control: 35% ownership or loss of Intel Foundry control triggers DOC consent or payoff conditions.
Excess Return Sharing: Intel may pay up to 75% of awards if Project unlevered free cash flow exceeds thresholds.

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