Intel's stock rises as a big week for its manufacturing business kicks off

Group 1 - The Commerce Department is providing significant funding under the Chips Act, with Intel Corp. potentially receiving over $10 billion in subsidies, which includes loans and direct grants [1] - Intel shares rose by 3.5% in premarket trading, reflecting investor optimism regarding the anticipated funding [1] - GlobalFoundries has reached preliminary terms with the Commerce Department for $1.5 billion to expand and modernize its manufacturing sites in New York and Vermont, leading to a more than 7% increase in its shares premarket [2] Group 2 - Intel is hosting an important event focused on its foundry business, which is considered one of the most significant events in recent memory according to Melius Research analyst Ben Reitzes [2] - The event is expected to highlight Intel's strategy to manufacture chips for other companies, in addition to its own production [2] - Commerce Secretary Gina Raimondo's virtual attendance at Intel's event may indicate a forthcoming meaningful grant related to the US Chips Act [3]