- Intel Corp INTC CEO Pat Gelsinger acknowledged the global supply chain strain from remote work and study triggered semiconductor demand explosion and estimated the crisis to last for several years, Reuters reports.
- Gelsinger had previously disclosed chip production plans to address the auto chip crisis. Intel had announced a $20 billion chip building plan.
- Intel plans to expand to other locations in the U.S. and Europe for a sustainable global semiconductor supply chain.
- Taiwan Semiconductor Manufacturing Co Ltd TSM and South Korea's Samsung Electronics Co Ltd have dominated the semiconductor manufacturing business over the last few years.
- Price action: INTC shares traded lower by 0.39% at $56.90 in the market session on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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