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Intel
will invest $25 billion in Israel to expand its wafer fabrication site after receiving $3.2 billion from the country’s government.
Intel will utilize the investment to expand its wafer site in Kiryat Gat. The Intel investment was announced by the Israeli government in June but, according to Bloomberg, remained unconfirmed until now. Israel said back in June that Intel reached an agreement in principle to invest $25 billion in a new manufacturing facility in the country, the largest ever foreign investment there.
Intel didn’t immediately respond Tuesday to a Barron’s request for comment.
Israel’s Finance Minister Bezalel Smotrich wrote in a post on X, formerly Twitter, that Intel’s choice “to approve the unprecedented investment of $25 billion and to establish its new factory right here, in Israel, is important and significant.”
The expansion of manufacturing sites outside the U.S. comes as the Biden administration has put restrictions on chip trades to and from China.
Shares of Intel were rising 2.2% to $49.06 and were on pace to hit their highest close since April 2022, according to Dow Jones Market Data. The stock, which has gained 86% this year and was on pace to have its best year since 2003, was the best performer in the
Dow Jones Industrial Average
Tuesday.
Other chip stocks were also on the rise Tuesday.
Advanced Micro Devices
was up 1.8%,
Qualcomm
was rising 1.2%,
Nvidia
was gaining 1.3%, and
Broadcom
was up 0.7%.
Write to Angela Palumbo at angela.palumbo@dowjones.com
Read the full article here
