Intel CFO David Zinser said that the semiconductor giant received $5.7 billion from the U.S. government on Wednesday evening.
Zinsner acknowledged the investment on Thursday during an investor conference. The investment is part of the White House’s decision last Friday to take a 10% stake in the beleaguered computer chip company.
Zinser also signaled the possibility that Intel seeks outside investment for its foundry business.
The company reported better-than-expected second-quarter results on July 25, but its shares sank 8% due to concerns over the business of its foundry unit, which manufactures computer chips for other firms.
“There’s likely going to be some opportunity for outside investors in foundry, and that will probably be our second opportunity to raise cash to fund the growth on the foundry side,” Zinser said.
White House press secretary Karoline Leavitt said Thursday that the Intel deal is still “being ironed out by the Department of Commerce.”
“The T’s are still being crossed, the I’s are still being dotted,” Leavitt said. “It’s very much still under discussion.”
Intel released a corporate filing on Monday in which it warned that the deal with the U.S. government could generate “adverse reactions” from investors, employees and others.
“There could be adverse reactions, immediately or over time, from investors, employees, customers, suppliers, other business or commercial partners, foreign governments or competitors,” the filing said. “There may also be litigation related to the transaction or otherwise and increased public or political scrutiny with respect to the Company.”
WATCH: Intel CFO: Received $5.7 billion in cash from U.S. government last night.
