Intel's unveils initial investment plan in EU of up to nearly $37 billion
Intel Corp. announced Tuesday an initial investment of EUR33.5 billion ($36.8 billion) the research and development and manufacturing of semiconductors in the European Union. Intel's stock slipped 0.2% in morning trading. The investment is part of the chip giant's plan to invest as much as EUR80 billion in the European Union over the next decade. The initial investment includes EUR17 billion to establish a "Silicon Junction" in Germany for advanced chipmaking, and additional EUR12 billion to expand its manufacturing facility in Leixlip, Ireland and an investment of up to EUR4.5 billion in Italy. "Our planned investments are a major step both for Intel and for Europe," said Intel Chief Executive Pat Gelsinger. "The EU Chips Act will empower private companies and governments to work together to drastically advance Europe's position in the semiconductor sector." The stock has dropped 12.5% over the past three months, while the PHLX Semiconductor Index has shed 22.2% and the S&P 500 has declined 11.0%.
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