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Intel Plans to Spend $3.5B for Upgrading Chipmaking plant

Intel will be investing $3.5 billion in its New Mexico plant to manufacture what executives said Monday. It will fuel a new era of innovation and advanced computing as demands increase for the tiny microchips used in nearly all modern devices.Intel executives were joined by Gov. Michelle Lujan Grisham and other politicians at the plant in the Albuquerque suburb of Rio Rancho as they shared details of Intel’s global strategy as it looks to reclaim the top spot in the semiconductor sector.

Keyvan Esfarjani, the company’s senior vice president for manufacturing and operations said that this multibillion-dollar expansion also is underway at the company’s sites in Arizona, Oregon, Ireland and Israel. Every aspect of life depends on technology, and demand for more manufacturing and advanced packaging systems for microchips is more critical than ever as more people are working from home and as many parts of education and communication have gone virtual. The Vice President also added that the world is continuing to count more and more on advanced semiconductor technologies and the company is the enabler.

The Santa Clara, California, company recently reported first-quarter earnings of $3.36 billion, topping expectations. Since the beginning of the year, Intel shares have increased by about 26% following a downturn last year as it reported a delay in the development of its next-generation manufacturing process for building faster and more powerful chips.

President Joe Biden’s infrastructure package proposed spending $50 billion to boost the semiconductor industry in the U.S., but New Mexico’s elected leaders said nearly $20 million in homegrown tax incentives and economic development funding were key to landing Intel’s latest investment.

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