Intel’s (INTC) shares are sinking 4.7% after President Donald Trump called on Congress to repeal the CHIPS Act during his speech before lawmakers last night.
Under the legislation, INTC was awarded over $7.85 billion by the federal government, and it had reportedly received $2.2 billion of those funds as of the end of January.
A semiconductor production line, showing the complex procedures of chip manufacture.
Trump’s Comments About the CHIPS Act
“The CHIPS Act is a horrible, horrible thing. We give hundreds of billions of dollars and it doesn’t mean a thing. They take our money and they don’t spend it,” the President said last night.
“You should get rid of the CHIPS Act and whatever is left over, Mr. Speaker, you should use it to reduce debt,” he added.
It’s unclear if the closely divided Congress is considering moving towards repealing the bipartisan legislation that was signed into law by President Joe Biden in 2022.
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