Intel, the leading manufacturer of semiconductors in the world, is ending its longtime sponsorship of the Science Talent Search, the most prestigious high school science and math competition in the United States.

The technology giant's decision to drop its support of the competition was confirmed on Wednesday by the Society for Science & the Public, the nonprofit organization that has handled the Science Talent Search for 75 years. The science society said that Intel will cease its sponsorship following the 2017 contest.

Despite this, the science society said that the Science Talent Search will continue with a new sponsor. Successive competitions will also feature bigger prizes for finalists.

The new sponsor will become only the third in the competition's long history. Westinghouse Electric supported the prestigious contest during its first 50 years, while Intel took over sponsorship in 1998.

In this year's competition, Intel gave out over $1.6 million in prizes to leading high school math and science students, including three first place prizes worth $150,000. The new competition sponsor will have to provide around $1.7 million as prize money based on the minimum $6 million sponsorship agreement for each year.

Maya Ajmera, president and chief executive of Society for Science & the Public, said that the new sponsor will play an important role in educating, informing and inspiring high school students in the United States, while benefitting from the association with such an extraordinary competition.

Intel stated that the company is proud of the legacy that it has helped create along with the Society for Science & the Public for the Science Talent Search.

The technology giant added that it is confident that the science society will continue its excellent leadership in discovering the best and brightest high school science students in the United States.

Since its establishment as an essay contest in 1942, the Science Talent Search has become a highly valued medium for discovering brilliant young scientists and mathematicians in the country. Past finalists of the competition include eight recipients of the Nobel Prize, university professors, chief executives and award-winning researchers.

The first competition featured the topic "How science can help win the war." Two winners were chosen for the essay contest, with the male winner, known as Top Boy, going on to create an artificial kidney and the female winner, known as Top Girl, later becoming ophthalmologist. By 1949, only a single winner was declared for every succeeding competition.