🚀 US Gives Massive Boost to Intel

Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. The White House has announced that Intel is set to receive up to $8.5 billion in funding from the CHIPS Act, underscoring President Biden's initiative to bolster domestic chip production capabilities. This move is aimed at ensuring the U.S. maintains its leadership in the semiconductor industry. Furthermore, Intel might secure an additional $11 billion in loans through another legislative act, with details expected to be revealed by President Biden in Arizona. Although the terms of the agreement are subject to changes, this funding represents a significant investment in Intel, distinguishing it in a field dominated by competitors like Nvidia, AMD, and Qualcomm. Unlike many of its rivals, Intel's dual role as both a chip designer and manufacturer positions it uniquely within the industry. The funds from the CHIPS Act will support Intel's expansion efforts in Arizona and Ohio, including a significant new manufacturing facility in Ohio, anticipated to generate employment for 30,000 individuals and significantly enhance the U.S.'s semiconductor manufacturing strength.

2. Mortgage rates in the United States are on the brink of hitting 7%, leading to a noticeable decline in applications for home purchases. According to the Mortgage Bankers Association, the average interest rate for a 30-year fixed mortgage increased to 6.97% for the week ending March 15, marking a 13 basis point rise. This uptick resulted in a 1.2% decrease in the MBA's home purchase mortgage applications index, which now stands at 146. Despite a decrease from the near 8% peak in October, current rates remain significantly higher than in 2021, prior to the Federal Reserve's series of rate hikes aimed at curbing inflation. There is hope that a potential Fed rate cut around mid-year could revitalize the housing market demand.

3. Visa and Mastercard agree to historic $5 Billion Settlement! In a groundbreaking move for the payment industry, Visa and Mastercard have come to a historic $5 billion settlement, marking a pivotal moment for small business owners. If you are a small business owner, claim your share today!*

4. Headlines

   1. Reddit is seeing low demand for IPO participation from its core users.

   2. US House passed a bill that would prevent data brokers from selling data to enemies of the state.

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