HUGE: Kamala Is Blindsided by the Intel Scandal

Kamala Harris is blindsided by the Intel scandal.

Chriss Street at Mountain Top Times shared this report. 

California financial expert Chriss Street shares at Mountain Top Times on Substack the following on Kamala Harris’s involvement in the Intel scandal:

Democrat presidential nominee Kamala Harris’ campaign was just blindsided by Intel Corporation slashing 15,000 jobs, suspending its dividend, and expecting a $10 billion loss. The company’s crisis comes four months after Biden-Harris Administration handed two-thirds of the first $13 billion in CHIPS Act cash subsidies to Intel.

The Biden-Harris Administration passed The CHIPS and Science Act (CHIPS Act) in August 2022 to allocate $52 billion in cash grants and $100 billion in tax abatements to incentivize tech corporations to bring semiconductor supply chains back to the U.S to create American jobs, support American innovation, and protect our national security.

According to the Verge, Intel received more money as of early June, 2024 from the Biden-Harris government in the CHIPS Act than any other corporation.

The Biden-Harris gang was thrilled to promote the government’s distribution of billions to corporations with plants within the US.  Per Chriss Street:

Commerce Secretary and former Democrat Rhode Island governor Gina Raimondo, described the Biden-Harris Whole of Government effort as America’s biggest foray into industrial policy since World War II.  Ms. Raimond promised wide geographical distribution of CHIPS cash to states andcompanies, and research institutions.

Vice President Kamala Harris took full credit for passing the CHIPS legislation she claimed would incentivize building 16new semiconductor manufacturing facilities and create over 115,000 manufacturing and construction jobs across the country.

V.P. Harris announced a 2024 plan to fund 25 and 50 separate projects with total investments of $160–200 billion to create 25,000–45,000 new jobs.  Harriss released the first tranche of funding on Feb. 22^nd with a White House CHIPS Act Statement:

“Semiconductors are the brain of modern technology. While they are no larger than a fingernail and no thicker than a piece of paper, they are essential to every electronic device that we currently use – from computers and televisions to cars and washing machines. Thanks to our Administration’s CHIPS and Science Act, we are announcing the Department of Commerce’s preliminary agreement with GlobalFoundries, which will award approximately $1.5 billion to expand domestic production of semiconductors, strengthen U.S. supply chains, and create thousands of good paying jobs right here in America.”

…Intel CEO Pat Gelsinger issued a memo to employees on August 1^st announcing ominous second-quarter results: “Our revenues have not grown as expected — and we’ve yet to fully benefit from powerful trends, like Artificial Intelligence.”  Gelsinger stated that company revenues have fallen $24 billion between 2020 and 2023. “Our costs are too high; our margins are too low. We need bolder actions to address both.”

Wall Street analyst interpreted Gelsinger’s comments a claxon horn that the company was now in survival mode.  Panic selling sent Intel (NASDAQ: INTC) stock plunging down 26 percent on the day.

The company was clobbered again on Friday, August 9^th, with a 3.8 percent loss after rumors spread that the company had canceled its Silicon Valley annual Intel Innovation 2024 Event: ‘The Future of Technology is Here’ scheduled for September 24^thand 25^th.

With Intel share price down 42 percent over the last month, 61 percent over the last year, and at its lowest levels since 2013, the Kamala Harris campaign will be blamed for CHIPS Act crony-squandering of a spectacular amount of the taxpayer money.

Democrats only know how to spend and destroy.  They build nothing.