Is Intel too big to fail?

Intel is set to receive almost 8.5 billion dollars in grants (plus additional loans) from the US government, propping up efforts to orchestrate a turnaround for its ailing business. It won’t be enough, apparently. Even before the incentives were announced last month, Secretary of Commerce Gina Raimondo acknowledged that a second Chips Act will be required for the US to “lead the world” in semiconductors.

Even though Intel isn’t the only horse the US government is betting on – both Samsung and TSMC have each been awarded 6-7 billion dollars in grants for their US fabs – it’s the only Chips Act beneficiary operating at the leading edge with its roots firmly planted in US soil. This begs the question: if push comes to shove, how far will the US government be willing to go to keep its national assets afloat?