Intel (NASDAQ:INTC) is planning to beef up its chip production with plans for new facilities in Ohio and its stock is rising as a result.
Let’s dive into all the details investors in INTC stock need to know about this news below!
- Intel is planning to build two new chipmaking factories in Ohio.
- This will have it investing more than $20 billion into the construction of these factories.
- According to the company, these will be “leading-edge chip factories.”
- Intel says these will help it meet the growing demand for semiconductors that will power the next generation of its products.
- INTC says that construction on the factories is expected to start by the end of the year.
- It’s also planning for production at the facilities to start in 2025.
- The company is also committing $100 million to educational programs in the area.
- That includes Ohio universities, community colleges, and the U.S. National Science Foundation.
- It expects this to build out a pipeline of talent and increase research programs in Ohio.
Pat Gelsinger, CEO of Intel, said the following about the news sending INTC stock higher today.
“Intel is bringing leading capability and capacity back to the United States to strengthen the global semiconductor industry. These factories will create a new epicenter for advanced chipmaking in the U.S. that will bolster Intel’s domestic lab-to-fab pipeline and strengthen Ohio’s leadership in research and high tech.”
INTC stock is up 1.3% as of noon Friday.
There’s more stock market news for investors to sink their teeth into below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.