Intel was one of the biggest beneficiaries of the Chips Act, receiving an $8.5 billion grant announced in March, a $25 billion sweetheart tax incentive and likely the lion’s share of an $11 billion federal loan program. That’s only the opening act.
What did we get in exchange? Intel this week announced it was laying off 15% of its workforce — 15,000 positions.
America lost twice: billions of dollars and thousands of jobs.
Meanwhile, Nvidia, which took no government money, has been the top-performing stock over the past 18 months and has made hundreds of billions of dollars for American shareholders. Its chips are mostly made in Taiwan, but it creates thousands of jobs here at home.
