INTEL UNVEILS $88B CHIPMAKING EXPANSION PLAN FOR EUROPE

U.S. chipmaker Intel unveiled plans this week to invest up to 80 billion euros ($88 billion) across Europe as part of an ambitious expansion aimed at evening out imbalances in the global semiconductor industry that have led to big chip shortages.

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CEO Pat Gelsinger said Intel was investing the money over the next decade “along the entire semiconductor value chain.”

The company plans to spend tens of billions of dollars setting up or expanding chip production sites and establishing research and development or design centers in Germany, Ireland, France and Italy.

“Why are we doing this? Because the world has an insatiable demand for semi conductors, or chips,” Gelsinger said in a webcast.

Intel said it’s bringing its most advanced technology to Europe to address the need for a “more balanced and resilient” semiconductor supply chain.