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Intel prepares for $100 billion spending spree across four US states

Economic Times

Economic Times · 1y ago

Intel prepares for $100 billion spending spree across four US states

Intel is set to spend $100 billion on building and expanding factories across four U.S. states, with the aim of creating the world's largest AI chip manufacturing site near Columbus, Ohio. The company has secured $19.5 billion in federal grants and loans, and hopes to secure an additional $25 billion in tax breaks. The funding will go towards revamping sites in New Mexico and Oregon, expanding operations in Arizona, and purchasing chipmaking tools. Intel's CEO, Pat Gelsinger, believes government support is crucial for the company's plan to regain its position as a leading semiconductor manufacturer.

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Intel nears $11 billion deal with Apollo for Ireland facility: report

Economic Times

Economic Times · 1y ago

Intel nears $11 billion deal with Apollo for Ireland facility: report

Intel is reportedly in advanced discussions with Apollo Global Management for a deal that would see Apollo provide over $11 billion to help construct a chip factory in Ireland. Intel aims to enhance its manufacturing business and compete with TSMC by boosting its presence in the US through a planned $100 billion investment across multiple states. Intel and Apollo are currently engaged in exclusive talks, and a deal could be finalized in the next few weeks. Other companies like KKR and Stonepeak were also considered before Apollo took the lead. Intel has not provided any comment on the matter yet.

What is Stargate, a $500 billion venture between OpenAI, SoftBank and Oracle announced by Donald Trump?

Hindustan Times

Hindustan Times · 7m ago

What is Stargate, a $500 billion venture between OpenAI, SoftBank and Oracle announced by Donald Trump?

The joint venture or alliance, called Stargate, will invest $500 billion, at least, in AI infrastructure in the United States, Trump said. US President Donald Trump on Tuesday announced a major investment to build infrastructure for artificial intelligence led by ChatGPT-maker OpenAI, Japanese giant Softbank and cloud giant Oracle. The Stargate project is committed to invest an initial $100 billion and up to $500 billion over the next four years in the project, according to Son.

Meta's profit rises 35%, even as spending spree continues

Economic Times

Economic Times · 10m ago

Meta's profit rises 35%, even as spending spree continues

Meta, formerly known as Facebook, has reported double-digit revenue and profit growth in the third quarter, driven by advancements in its advertising and AI systems. The company's revenue increased by 19% to $40.6 billion, while profit rose by 35% to $15.7 billion. However, Meta also announced that it would continue its significant spending spree, with expenses amounting to $23.2 billion and capital expenditures of $9.2 billion in Q3. The company plans to increase its annual spending forecast to $38 billion to $40 billion. Despite the positive results, Meta's shares fell in after-hours trading.

Intel's $7.86 billion subsidy deal restricts sale of its manufacturing unit

Economic Times

Economic Times · 9m ago

Intel's $7.86 billion subsidy deal restricts sale of its manufacturing unit

Intel's $7.86 billion government subsidies deal comes with restrictions that limit the company's ability to sell stakes in its chipmaking unit if it becomes independent. The subsidies, part of a $39 billion initiative to revive chip manufacturing in the United States, require Intel to own at least 50.1% of its chip unit, Intel Foundry, should it be separated into a new entity. If Intel Foundry turns into a public company, Intel can only sell 35% of the unit to any one shareholder without triggering change-in-control provisions. Compliance with these restrictions is necessary for Intel to proceed with its multi-billion dollar projects and continue manufacturing advanced chips within the United States.

US to announce billions in subsidies for advanced chips

Economic Times

Economic Times · 1y ago

US to announce billions in subsidies for advanced chips

The Biden administration is expected to award billions of dollars in subsidies to top semiconductor companies, including Intel and Taiwan Semiconductor Manufacturing Co, to help build new factories in the US. These subsidies aim to kick-start manufacturing of advanced semiconductors used in smartphones, AI, and weapons systems. Announcements are expected before President Joe Biden's State of the Union address on March 7. Likely recipients include Intel with projects in multiple states costing over $43.5 billion, TSMC with two plants under construction near Phoenix, and Samsung Electronics with a $17.3 billion project in Texas.

White House proposes up to $8.5B to fund Intel’s domestic chip manufacturing

TechCrunch · 1y ago

White House proposes up to $8.5B to fund Intel’s domestic chip manufacturing

The White House has announced a new agreement with Intel, in which the silicon giant could receive up to $8.5 billion to support domestic chip manufacturing in the US. This comes in the wake of the CHIPS and Science Act, signed into law by President Joe Biden, which aims to boost the country's chip production. The move is seen as a response to supply chain bottlenecks and tensions between the US and China. Intel plans to invest $100 billion in the US, creating 30,000 jobs and contributing to innovation. However, experts suggest more needs to be done to level the playing field with global competitors.

Joe Biden to announce Intel chips grant in Arizona next week

Economic Times

Economic Times · 1y ago

Joe Biden to announce Intel chips grant in Arizona next week

President Joe Biden and Commerce Secretary Gina Raimondo are set to announce a multi-billion-dollar award for Intel to expand its chip production in the US. The award, which will include grants and loans, is part of the 2022 CHIPS and Science Act aiming to boost domestic semiconductor output with a $52.7 billion fund. Intel's expansion plans in Ohio and Arizona align with Biden's focus on swing states. This move comes after the US awarded $1.5 billion to GlobalFoundries and $162 million to Microchip Technology for semiconductor production. The goal is to reduce reliance on China and Taiwan in semiconductor manufacturing.

India's industries must foray into cutting-edge tech to attract more chip fabrication units: Intel's Christoph Schell

Economic Times

Economic Times · 1y ago

India's industries must foray into cutting-edge tech to attract more chip fabrication units: Intel's Christoph Schell

Intel's CEO, Pat Gelsinger, stated that semiconductor supply chains in Asian countries such as India, China, Malaysia, Taiwan, Vietnam, and Indonesia are becoming increasingly significant for the company. Intel aims to have semiconductor fabrication or packaging and manufacturing units in these regions. However, Intel isn't planning to set up a semiconductor fabrication unit in India in the near future. Intel plans to invest over $100 billion in its semiconductor capacities in the US over the next five years. Christoph Schell, Intel's Chief Commercial Officer, emphasized the importance of local industries adopting cutting-edge technologies to attract semiconductor fabrication units to India.

TSMC to invest up to $100 million in Arm Holdings' IPO

Economic Times

Economic Times · 1y ago

TSMC to invest up to $100 million in Arm Holdings' IPO

TSMC, the world's largest contract chipmaker, plans to invest up to $100 million in Arm Holdings Plc's IPO. Arm Holdings, owned by SoftBank Group, is aiming to raise up to $4.87 billion in its US IPO. TSMC joins other major clients, including Apple, Nvidia, Alphabet, AMD, Intel, and Samsung Electronics, as cornerstone investors in Arm's IPO. TSMC's Chairman Mark Liu emphasized the importance of Arm to their ecosystem and customers. Additionally, TSMC agreed to purchase a 10% equity interest in IMS Nanofabrication Global, LLC from Intel for up to $432.8 million.

Social welfare spending by top states to stay high at 2% of GSDP in FY26: CRISIL Ratings

Economic Times

Economic Times · 2m ago

Social welfare spending by top states to stay high at 2% of GSDP in FY26: CRISIL Ratings

Spending on social welfare by the top 18 Indian states is projected to stay at 2% of gross state domestic product (GSDP) in FY26, amounting to Rs 6.4 lakh crore, according to Crisil Ratings. This persistent expenditure may heighten revenue deficits, thereby limiting state capital expenditures. Despite some states increasing direct benefit transfers as election commitments, the uneven spending could impact socio-economic development differently across states. The focus involves aiding backward classes and ensuring pension security.

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