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Thursday, March 28, 2024

Intel to spend $20bn on new US chip plants

Intel is facing pressure to come up with bold ways to fend off fierce competition.

SAN FRANCISCO: US chip titan Intel said Tuesday it will invest $20 billion in building two new plants in Arizona as part of a plan to ramp up production in the United States and Europe.

The move comes as a global chip shortage has countries and companies in those regions looking to reduce reliance on plants in Asia for semiconductors, which are used in a growing array of products such as cars.

“Intel’s investment will help to preserve US technology innovation and leadership, strengthen US economic and national security, and protect and grow thousands of high-tech, high-wage American jobs,” Secretary of Commerce Gina Raimondo said in a statement.

Intel chief executive Pat Gelsinger announced the investment during a webcast…

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