CHIPS Act Restructuring: US Government Takes Intel Equity Stake as TSMC Arizona Accelerates and Ohio One Delays to 2030
The financial and operational reality of U.S. semiconductor reshoring is marked by a sharp divergence between rapid foreign-led progress and the complex, capital-constrained restructuring of domestic champion Intel Corporation (INTC).
Intel's second-quarter 2026 financial results highlight this friction. On a GAAP basis, Intel reported a staggering net loss of $11.03 billion (or $(2.16) per share), driven by a massive $12.53 billion non-cash mark-to-market loss on escrowed shares that are tied to its CHIPS Act equity-stake agreement with the U.S. government.
"On a GAAP basis, the company reported a net loss of $11 billion, or $2.16 per share, driven by a $12.5 billion mark-to-market loss on escrowed shares tied to its CHIPS Act agreement with the U.S. government." — Intel Q2 2026 earnings: revenue up 25%, fastest growth since 2011 | Yahoo Finance
Despite this GAAP hit, Intel's operational turnaround under CEO Lip-Bu Tan (who took over in March 2025) is showing significant momentum. Excluding the mark-to-market loss and restructuring charges, Intel's Non-GAAP net income was $2.197 billion ($0.30 EPS, beating the $0.10 estimate by 200%). Q2 2026 revenue rose to $16.13 billion—a 25.4% year-over-year increase—representing Intel's fastest revenue growth rate since 2011.
Operationally, Intel continues to pace its massive capital expenditures to match market demand and maintain financial discipline. In its March 2026 state progress report, Intel revealed that it invested $1.4 billion in its Ohio One megaproject in New Albany, Ohio, during 2025. This brings Intel's cumulative investment in Ohio to over $5 billion out of a planned $28 billion.
Intel has maintained its adjusted, slower construction pace for Ohio One, aiming to complete construction of Fab 1 (Mod 1) in 2030 (with operations starting in 2030-2031) and Fab 2 (Mod 2) in 2031 (with operations starting in 2032).
"Intel told Ohio’s Department of Development that it invested around $1.4 billion in Ohio in 2025 and is not planning another delay for its New Albany project as of February... As previously announced, Intel said it plans to complete construction of Fab 1 in 2030 and Fab 2 in 2031. Fab 1 is anticipated to be operational as early as 2030, and Fab 2 is planned to be up and running in 2032." — Intel spent $1.4 billion in Ohio in 2025, doesn't anticipate further delays | NBC4 WCMH-TV
This cautious, capital-disciplined approach at Intel's domestic fabs stands in contrast to foreign-led projects like TSMC Arizona, which are accelerating to meet immediate domestic demand and are already supported by domestic packaging alliances like the one with Amkor in Peoria (see US Advanced Packaging Ecosystem Emerges as Critical Reshoring Node with TSMC-Amkor Alliance).