CEO of Intel: Focus on stocks buybacks is lower than in the past
Intel ready to spend $10 billion on new chip plant
Other than the expansion of its factories in the US, Intel also plans to enlarge its Asia’s plant. Gelsinger announced the project in his one-day visit to Israel as part of a European Tour.
Intel Corp confirmed to have spent $100 billion for a new chip plant. According to Reuters, Intel will inject an additional $600 million investment in Israel for its research and development. In addition to this, Intel will also be investing $400 million in turning its Mobileye unit in Jerusalem into an R&D campus, built to focus on the development of self-driving car technologies. Not only that, Intel will allocate another $200 million to build an R&D centre called IDC12 in the port city of Haifa. The facility, is expected to have a capacity of 6,000 employees,
Intel has bought three Israeli tech companies in the past few years. In 2017, Intel spent over $15 billion for Mobileye. Then, Intel proceed to buy artificial intelligence chipmaker Habana for $2 billion in 2019. The latest purchase was Moovit for $1 billion from a year ago.