07:08 AM EST, 03/08/2024 (MT Newswires) -- (Updates with Intel's ( INTC ) response in the fourth paragraph and the latest stock movement in the fifth paragraph.)

Intel ( INTC ) is expected to receive $3.5 billion from the US government to develop advanced semiconductors for military and intelligence programs, Bloomberg reported late Wednesday, citing congressional aides.

The financing is for the "secure enclave" program and would last for more than three years, the report added.

"We are still reviewing the effect of the appropriations text on the program," Bloomberg quoted the US Commerce Department as saying.

Intel's ( INTC ) spokesperson declined MT Newswires' request for comment.

Shares of the company were up 1% in recent Friday premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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