Intel, Languishing At 5 Year Lows, Inks $30B Expansion Deal With Brookfield

Intel Corp INTC and Brookfield Asset Management Inc BAM agreed to jointly fund up to $30 billion for the U.S. chipmaker's leading-edge chip factories in Arizona.
Brookfield's infrastructure affiliate will invest up to $15 billion for a 49% stake in the expansion project.
At the same time, Intel will retain majority ownership and operating control of the two chip factories meant to make advanced chips in Chandler, Arizona.
Also Read: TSMC Clients To Bargain Over Foundry Prices
Recently, the U.S. approved the Chips Act offering $52.7 billion in subsidies for U.S. semiconductor production and research.
Intel, Taiwan Semiconductor Manufacturing Company Ltd TSM, all of which are now building new chip fabrication facilities worth tens of billions in the U.S., are the frontrunners for a sizable chunk of the grant.
Intel clocked a 22% revenue decline in Q2 to $15.3 billion, missing the consensus citing "continued adverse market conditions."
Intel's EPS of $0.29 missed the consensus.
Intel's Q3 and FY22 guidance were below the consensus.
Price Action: INTC shares traded higher by 0.62% at $34.05 on the last check Tuesday.