Intel award from CHIPS Act reduced in final deal [Video]

HILLSBORO, Ore. — The Biden administration announced this week that it will cut some of the funding initially awarded to tech giant Intel under the CHIPS Act as they finalize the deal. At first blush, it’s the latest in a series of bad breaks for Oregon’s biggest private employer — but it’s possible that getting the money now, even if it’s less than expected, could still be good news.

In March, the Biden administration said it would award $8.5 billion to expand Intel’s semiconductor manufacturing programs, with some of that expansion set to happen in Oregon. About $1.8 billion was destined for modernization of Intel’s fab complex in Oregon, where chips are made.

But in the following months, it became clear that Intel was falling behind in the …