US to Take $150 Million Stake in Chip Startup Led by Gelsinger

The US Commerce Department has agreed to invest as much as $150 million in xLight Inc., a chip technology startup tied to former Intel Corp. Chief Executive Officer Pat Gelsinger.

The department’s Chips Research and Development Office — a part of the National Institute of Standards and Technology — has signed a nonbinding letter of intent to provide the funding, according to a statement on Monday.