Intel (INTC) announced on Tuesday that it received a $7.9B CHIPS Act grand from the U.S. government, which is lower than the $8.5B previously announced in March due to perceived execution issues and the Ohio plant delay, Citi tells investors in a research note. Intel is on track to draw even with TSMC (TSM) in manufacturing in the second half of 2025, but Citi continues to doubt that foundry will work and reiterates a Neutral rating and $22 price target on Intel shares.
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