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Section: Arts
Intel Corporation has officially confirmed the receipt of $5.7 billion from the U.S. government, marking a significant financial boost for the tech giant. Recent disclosures have brought to light the details surrounding this financial arrangement, particularly the issuance of new shares to accommodate the government's 9.9% stake.
According to Intel's Chief Financial Officer, the company will issue approximately 433 million new shares to the U.S. government, rather than selling existing shares. This decision, however, is expected to dilute the value of current shares, prompting existing shareholders to brace for a potential decrease in their investments. Intel's current strategy emphasizes financial stability, with the aim of fostering long-term growth that could ultimately benefit shareholders.
This agreement has been characterized as advantageous by Intel's CFO, despite the fact that the previous Biden administration had previously pledged the same amount as a subsidy. There were concerns regarding whether Intel would meet the milestones necessary for the disbursement of the remaining funds. Specifics of these milestones have not been disclosed, but they may include commitments for establishing agreed-upon manufacturing capacities and the timely availability of new production processes. It is noteworthy that Intel has had to delay or halt the construction of new semiconductor facilities due to financial constraints.
Moreover, the U.S. government has opted to waive its rights to reclaim $2.2 billion in previously disbursed funds, which had initially been a condition of the agreement.
Looking ahead, Intel's financial outlook for the current quarter appears promising, as the company is set to receive additional funds totaling approximately $13 billion. This includes $2 billion from investor SoftBank, $1 billion from a partial sale of its automotive division, Mobileye, and an anticipated $4.5 billion from the upcoming partial sale of FPGA designer Altera.
Intel is actively seeking further investors to support its foundry operations, which have been incurring significant losses as the company's CPU division is currently purchasing chips at standard market prices from its own foundry. The company is optimistic about its new 14A manufacturing generation, hoping to attract more clients.
However, Intel has indicated that it does not plan to completely divest its foundry. The corporation must retain at least 51% ownership over the next five years, or else the U.S. government would have the right to purchase an additional 5% of the company at a preferential rate.
Section: Arts
Section: Arts
Section: News
Section: Arts
Section: Arts
Section: Arts
Section: News
Section: Arts
Section: Business
Section: Arts
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