The Biden administration has finalized another multibillion dollar deal to build semiconductor plants in the U.S. The U.S. Department of Commerce announced today it has signed a deal with Intel Corp.

The U.S. Department of Commerce today confirmed it has awarded $7.865 billion to chip giant Intel under the U.S. CHIPS and Science Act, a federal statute signed into law by President Joe Biden in 2022 to boost domestic semiconductor manufacturing.

The Commerce Department has reduced Intel’s CHIPS Act award by at least $500 million, to less than $8 billion, according to a report Sunday in The New York Times. The newspaper, citing four anonymous sources,