What's Going On With Intel Stock?

Intel Corporation INTC shares traded lower Tuesday amid a pullback in chip stocks. The company recently announced it will make investments in Israel and Germany, including the buildout of two innovative semiconductor facilities.

What To Know: On Monday, Intel and the German federal government signed a revised letter of intent for Intel's planned wafer fabrication site in Magdeburg Germany.

The revised letter of intent includes Intel's expanded investment in the site, now expected to be more than 30 billion euros ($32.75 billion), along with increased government support.

The first facility is expected to enter production in four to five years following the European Commission's approval of the incentive package.

The move represents a major expansion of Intel's manufacturing capacity in Europe, Intel CEO Pat Gelsinger said: "Building the ‘Silicon Junction' in Magdeburg is a critical part of our strategy for Intel's growth."

"Combined with last week's announcement of our investment in Wrocław, Poland, and the Ireland sites we already operate at scale, this creates a capacity corridor from wafers to complete packaged products that is unrivaled and a major step toward a balanced and resilient supply chain for Europe."

The Silicon Junction will serve as the connection point for other centers of innovation and manufacturing across the country and region, developing a wide ecosystem of suppliers and companies across the technology industry.

Related Link: What's Going On With Enphase Stock Today?

INTC Price Action: Shares of INTC closed Tuesday down 3.77% at $35, according to Benzinga Pro.

Image by Michael Schwarzenberger from Pixabay