According to Tom's Hardware, the US Commerce Department is shaking hands with Intel, promising a hefty €7.9 billion in cold hard euros to boost stateside semiconductor manufacturing.

It is throwing in another €10.2 billion in loans with interest rates lower than a snake's belly, plus a juicy 25 per cent tax credit on a mind-boggling €92.6 billion of Intel's capital spending.

This is being done under the CHIPS Act, like a fairy godmother for America's chip-making dreams.

President Joe Biden's jetting off to Arizona to seal the deal with a ceremony sure to be flashier than a royal wedding.

This mountain of moolah is set to prop up Intel's chip factories from Arizona to Oregon, with the €7.9 billion direct funding just the start. Intel is also eyeing up €10.2 billion in loans to build advanced fabs,

Intel's also in line for a tax credit that could see them pocket over €23.1 billion if they play their cards right. Commerce Secretary Gina Raimondo smiles, saying this is the carrot for Intel to invest considerable time.

Intel's top dog, Pat [kicking] Gelsinger, is rubbing his hands together, fully expecting to bag those tax benefits as soon as they start splashing the cash. And they've already got a head start with a tidy sum for their New Mexico packaging plant.

It's the biggest CHIPS funding fiesta yet, and the White House bigwigs reckon Intel will receive the lion's share of the loot as long as It hits its targets. Gelsinger is chuffed, saying they've bagged about what they hoped for.

Raimondo's setting her sights high, aiming for the US to crank out 20 per cent of the world's top-tier chips by 2030 – a giant leap from the big fat zero they're at now.

The deal's still in the oven, with final figures to be dished out after serious number-crunching. It's all part of a grand plan to create a whopping 30,000 jobs and train the locals so they're not left in the dust.

It was probably why Intel did not get the smaller military cash earlier this month.