The US Department of Commerce announced on Wednesday that the US government has reached a preliminary non binding memorandum of terms with Intel. Intel will receive up to $8.5 billion in subsidies through the US Chip and Science Act. In addition, Intel can also obtain an additional $11 billion in loans from the Chip Act. These funds will be used to support the construction and expansion of Intel semiconductor factories, and to compete with companies such as TSMC and Samsung. This is also the largest financial support in the US government's plan to revive the domestic chip industry.