Shares of Intel (INTC) advanced Monday, aided by a report that the semiconductor maker received a multibillion-dollar award from the Pentagon to make chips for the U.S. m🙈ilitary. 

Bloomberg reported late Friday that Intel qualified for $3.5 billion in federal grants as part of the Secure Enclave program, which is designed to produce advanced chips for military and intelligence applications. According to people familiar with the matter, the announcement of the funding could come as early as this week.

Award Adds to Earlier US Grants, Loans

Bloomberg said the new contract comes on top of a potential $8.5 billion in grants and $11 billion in loans that Intel was awarded in March under the 澳洲幸运5官方开奖结果体彩网:CHIPS and Science Act of 2022, which is aimed at revitalizing U.S. semiconductor manufacturing and limiting reliance on Asia. Intel 🐽didn't immediately respond to Investopedia's request for comment Monday.

Intel has 澳洲幸运5官方开奖结果体彩网:struggled of late as rivals making artificial intelligence (AI) chips ate into its market share. Intel recently reported wider-than-anticipated losses, slashed jobs, and has watched its𒁃 stock p💟rice tumble.

Intel's stock, up more than 2% in recent trading, remains down more than 50% this year so far.