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Intel Announces $20B Investment To Build Chip Plants In The Buckeye State – $INTC $DIA

By John F. Heerdink, Jr.

Reportedly, Intel Corporation (INTC) announced that they will be investing of up to $100 billion to build the world’s largest chip-making complex in Ohio, focussed to boost capacity amid a global shortage of semiconductors used in everything from smartphones to cars.

The step is part of Chief Executive Officer Pat Gelsinger’s strategy to restore Intel’s dominance in chip making and reduce America’s reliance on tight-held Asian manufacturing hubs. An initial $20 billion investment, the largest in Ohio’s history on a 1,000-acre site in New Albany, will generate 3,000 direct Intel jobs with eight total fabrication plants and is the largest investment in Ohio’s history, informed the CEO. He further informed that Intel’s plans for new factories will not alleviate the current supply crunch, because such complexes take years to build and expects the chip shortages to persist into 2023. 

Gelsinger stated without government funding, “We’re still going to start the Ohio site. It’s just not going to happen as fast and it’s not going to grow as big as quickly.”

The company’s ambitious Ohio investment is expected to attract partners and suppliers, driving interest from Applied Materials, Air Products, Ultra Clean Technology, and LAM Research in establishing a presence in the region, the company informed. Construction of the first two factories is reported to begin late in 2022 and production to start in 2025.

Intel Corporation (INTC) seeks to expand the boundaries of technology to provide the most amazing experience possible while designing, manufacturing, and selling integrated digital technology globally. To learn more about Intel Corporation (INTC) and to track its progress please visit the Vista Partners Intel Corporation Coverage Page

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(Read Original Story: Intel Plans $20 Billion Ohio Chip Hub Growing to World’s Largest in Bloomberg)


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