Intel Corporation ( INTC ) stock is moving lower on Wednesday. Weakness in the stock may be due to President Donald Trump‘s call to end the CHIPS and Science Act.

What To Know: Trump, during his address to Congress on Tuesday, called for an end to the CHIPS Act, stating, "your Chips Act is a horrible, horrible thing,” according to Bloomberg.

The CHIPS Act allocated $39 billion in grants and loans, along with 25% tax breaks, to boost U.S.-based semiconductor manufacturing. It also dedicated $11 billion for chip research and development.

The goal of the law was to lower dependence on Asian suppliers for critical electronic parts. Trump criticizes it as wasteful, suggesting tariffs could achieve similar results while generating revenue.

Intel ( INTC ) received up to $7.86 billion in CHIPS Act funding for its semiconductor factory building efforts, according to CNBC. The company is investing billions of dollars into these efforts, but its Ohio-based factory opening has been delayed until the early 2030s.

Investors may be reacting negatively as an end to the act could threaten Intel’s plans.

See Also: Taiwan Semiconductor Caught Between US Tariff Threats and Taiwan’s Push To Keep Advanced Chip Tech

INTC Price Action: At the time of writing, Intel ( INTC ) shares are trading 4.03% lower at $20.48, according to data from Benzinga Pro.

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