'Pentagon Scraps Plan to Spend $2.5 Billion on Intel Chip Grant' -Bloomberg
Portfolio Pulse from Benzinga Newsdesk
The Pentagon has decided to cancel its plan to allocate $2.5 billion in grants to Intel for semiconductor chip development, according to Bloomberg.
March 12, 2024 | 8:18 pm
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NEGATIVE IMPACT
Intel's anticipated $2.5 billion grant from the Pentagon for chip development has been scrapped.
The cancellation of the $2.5 billion grant from the Pentagon to Intel is likely to have a negative short-term impact on Intel's stock price. This decision removes a significant financial support for Intel's semiconductor development efforts, potentially affecting its future revenue and growth prospects in the highly competitive semiconductor industry. Investors may react negatively to this news, leading to a decrease in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90