Intel's CHIPS Act funding could disappear if the company ditches its plans to expand its manufacturing footprint.

That will limit Chipzilla's ability to cash in and bail itself out Intel has quietly revealed that the $7.86 billion of cash coming its way thanks to the US CHIPS Act came with conditions that include Chipzilla retaining control of its foundries – an asset the struggling silicon giant may have intended to offload.

Gelsinger spent most of his career at Intel, rising to chief technology officer before leaving to run VMWare in 2012 and then returning as CEO in 2021. He was generally well respected by Wall Street and industry insiders, but on his watch, the stock underperformed the market as Intel lost ground in the AI race to Nvidia.