The Biden administration has finalized up to $7.86B in direct funding for Intel (NASDAQ:INTC) as part of the CHIPS and Science Act. That’s down from $8.5B funding initially proposed in March. The final total award is less than the proposed preliminary award due to a congressional requirement to use CHIPS funding to pay for the Secure Enclave

The Commerce Department calls it a “huge step” in strengthening the U.S. chip supply chain. Earlier this year, it had proposed up to $8.5 billion in grants to Intel.