- Intel Corp INTC has sought $9.7 billion (€8 billion) in public subsidies for semiconductor factory construction in Europe to reduce the bloc’s import reliance amid the ongoing semiconductor chip crisis, Reuters reports.
- Gelsinger had announced Intel’s $20 billion investment in U.S. chip production last month.
- Gelsinger was hunting for a European plant location to support European Commissioner Thierry Breton’s aim of doubling Europe’s global chip share output to 20% over the next decade.
- Breton intended to drive production supply on its own and through selected partnerships.
- Breton had also interacted with Taiwan Semiconductor Manufacturing Co Ltd TSM before Korea’s Samsung Electronics Co Ltd SSNLF and Intel.
- Breton would hold further talks on May 4 with the CEOs of two Dutch semiconductor companies ASML Holding NV ASML and NXP Semiconductors NV NXPI.
- Breton was planning a European semiconductor alliance to bundle the interest of the domestic companies.
- Germany’s Infineon Technologies AG IFNNF IFNNY hailed Breton’s chip production initiative in Europe.
- Breton was also keen on a German location for a potential foundry.
- Gelsinger also met automaker Bayerische Motoren Werke AG BMWYY and telecoms operator Deutsche Telekom AG DTEGF DTEGY.
- He also visited the Volkswagen AG VWAGY headquarter based on sources.
- Gelsinger will visit Israel next week, where it is set to announce a $200 million investment in a new chip development campus and 1,000 staff hiring.
- Price action: INTC shares traded lower by 0.96% at $57.72 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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