Intel Earmarks $3.5B For New Mexico Site Upgrade - Intel (NASDAQ:INTC)

Intel Corp INTC plans to spend $3.5 billion for the up-gradation of a chip manufacturing plant in Rio Rancho, New Mexico, CNET reports.
The spending, along with $20 billion set aside for two new facilities in Arizona marked Intel’s U.S. chip manufacturing drive to regain manufacturing technology leadership position.
Intel CEO Pat Gelsinger has been requesting chip building subsidies from U.S. and Europe, Bloomberg reports.
Gelsinger emphasized the concentration of manufacturing of advanced chips in Asia as being a security and economic risk.
Taiwan Semiconductor Manufacturing Co Ltd TSM usurped Intel’s dominant chip building position lately.
Gelsinger remains focused on investment in new chipmaking plants or fabs to recover its lost position. Intel also plans to initiate third-party chip manufacturing and outsource some of its production to other foundries.
Price action: INTC shares traded lower by 0.50% at $57.24 on the last check Monday.