Unfortunately, most of that will go towards developments that won’t be realized for years. More importantly, I’m not even sure the subsidies for manufacturing would help Intel’s financial situation — they’ve been exploring spinning off manufacturing for several months now.

They actually didn't receive most of that money. A portion was given out, and then Trump paused/stopped the CHIPS Act.

This is likely as a result of _not_ receiving the subsidies they needed - and what they did receive was to finance the building of fabs.

Stock buybacks.

They stopped buybacks years ago (and now even stopped dividends).