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.

The outgoing Biden administration is reportedly going to slash the preliminary $8.5 million grant it awarded to Intel Corp. under the CHIPS Act, adding to the struggling U.S. chipmaker’s woes.

When a U.S. president faces the end of his term, there is often a mad dash to take care of any unfinished business. Sometimes he undertakes tasks at the