Intel is leading candidate to get billions for defense-chip facilities: report

Shares of Intel Corp.
INTC,
+2.22%
were up more than 1% in extended trading Monday following a report the chip maker is the front-runner to land billions of dollars in funding for secure facilities producing microchips for U.S. military and intelligence applications. The as-yet unannounced facilities are intended to reduce the U.S. military’s reliance on chips imported from East Asia, particularly Taiwan, which some say is vulnerable to Chinese invasion, according to a Wall Street Journal report, citing people familiar with the matter. The operation, which could be based at Intel’s Arizona factory complex, would be funded under the Biden administration’s $53 billion Chips Act passed last year, the Journal reported.