Gelsinger will spend an initial $20 billion on two new plants in Arizona to support Intel’s attempt to break into the foundry business. Intel plans even more factories in the U.S., Europe and elsewhere, with the CEO pledging that the majority of the company’s chips will be manufactured in-house.
Intel Corp. unveiled an ambitious bid to regain its manufacturing lead by spending billions of dollars on new factories and creating a foundry business that will make chips for other companies. The stock jumped about 5%.
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