INTEL PREPARES FOR $100 BILLION SPENDING SPREE ACROSS FOUR US STATES
Intel is planning a $100 billion spending spree across four U.S. states to build and expand factories after securing $19.5 billion in federal grants and loans - and it hopes to secure another $25 billion in tax breaks. The centerpiece of Intel's five-year spending plan is turning empty fields near Columbus, Ohio, into what CEO Pat Gelsinger described to reporters on Tuesday as "the largest AI chip manufacturing site in the world" starting as soon as 2027.
The U.S. government announced the federal funds to Intel under the CHIPS Act on Wednesday, sending its shares up 4% in premarket trading. Intel's plan will also involve revamping sites in New Mexico and Oregon, and expanding operations in Arizona, where longtime rival Taiwan Semiconductor Manufacturing Co is also building a massive factory that it hopes will receive funding from President Joe Biden's push to bring advanced semiconductor manufacturing back to the U.S.
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