Intel enters $8.87B equity investment agreement with U.S. government

INTEL CORP

U.S. government invests $8.9B for 433.3M primary shares at $20.47/share (~9.9% stake).
Of total, $5.695B from accelerated CHIPS grants; $3.175B from Secure Enclave program.
Government also receives five-year warrant for 240.5M shares at $20/exercise, conditional on foundry ownership.
Shares are passive; no board seat; government must vote with board on shareholder matters.
Intel reaffirms $100B+ U.S. manufacturing expansion; Arizona fab expected to begin high-volume production later in 2025.

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