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WSJ Tech News Briefing

TNB Tech Minute: Intel Gets $7.9 Billion Award for U.S. Chip Production

WSJ Tech News Briefing

The Wall Street Journal

News, Tech News

4.61.6K Ratings

🗓️ 26 November 2024

⏱️ 2 minutes

🧾️ Download transcript

Summary

Plus, Google proposes more changes to its search results in Europe. And Best Buy says President-elect Donald Trump’s new proposed tariffs will raise prices for customers. Danny Lewis hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

exchanges, the Goldman Sachs podcast featuring exchanges on the forces driving the markets and the economy,

0:07.8

exchanges between the leading minds at Goldman Sachs. New episodes every week. Listen now.

0:16.6

Here's your TNB Tech Minute for Tuesday, November 26th.

0:22.7

I'm Danny Lewis for the Wall Street Journal.

0:29.4

The U.S. government is granting Intel up to $7.9 billion to help fund new chip plants.

0:36.6

It's the largest award under the 2022 Chips Act, the Biden administration's program to revive domestic chip making. The money will go towards new Intel factories and expansion projects in Arizona, New Mexico, Ohio, and Oregon.

0:44.6

In exchange, the U.S. Commerce Department says Intel agreed not to engage in stock buybacks for five years.

0:51.2

Google is proposing more changes to how its search results work in Europe in order

0:55.2

to satisfy requests from competitors and regulators. Under the EU's Digital Markets Act, the Tech

1:01.5

Giant made several changes to boost the prominence of comparison sites for people looking to book

1:05.7

flights, hotel stays, and shop online. But Google says some companies still reported struggling to reach

1:12.3

customers. In a statement, the Tech Giants legal director says Google will make more changes,

1:17.9

like allowing users to choose between comparison sites and going directly to suppliers' websites,

1:22.3

and letting companies show more information, like prices and pictures. And Best Buy's CEO says President-elect Donald Trump's

1:30.8

proposed tariffs will raise prices for customers. The electronics retailer also cut its revenue and

1:36.9

earning guidance for the year following shaky sales in the third quarter. CEO Corey Berry says

1:42.8

tight margins in the consumer electronics industry mean that Best Buy and

1:46.4

its vendors will only be able to absorb some of the added costs of new tariffs on imports

1:51.2

from Mexico and China. Best Buy shares fell roughly 4.9%. For a deeper dive into what's happening in

1:58.4

tech, check out Wednesday's Tech News Briefing podcast.

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