Skip to main content

Market Overview

Intel Needs $9.7B Subsidies For Europe Chip Plant: Reuters

Share:
Intel Needs $9.7B Subsidies For Europe Chip Plant: Reuters
  • Intel Corp (NASDAQ: 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 (NYSE: TSM) before Korea’s Samsung Electronics Co Ltd (OTC: SSNLF) and Intel.
  • Breton would hold further talks on May 4 with the CEOs of two Dutch semiconductor companies ASML Holding NV (NASDAQ: ASML) and NXP Semiconductors NV (NASDAQ: NXPI).
  • Breton was planning a European semiconductor alliance to bundle the interest of the domestic companies.
  • Germany’s Infineon Technologies AG (OTC: IFNNF) (OTC: 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 (OTC: BMWYY) and telecoms operator Deutsche Telekom AG (OTC: DTEGF) (OTC: DTEGY).
  • He also visited the Volkswagen AG (OTC: 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.
 

Related Articles (INTC)

View Comments and Join the Discussion!

Posted-In: Europe Reuters semiconductorsNews Tech Media

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com